Towa to Acquire Generic Division of Esteve

Economy

Tokyo, Dec. 23 (Jiji Press)--Japan's Towa Pharmaceutical Co. <4553> said Monday it will spend 320 million euros to acquire the generic division of Spain's Esteve.

The acquisition of Pensa Investments S.L. will mark Towa's full-scale entry into overseas markets, giving the Japanese generic drug maker a manufacturing plant in Spain, five sales bases in Europe and a sales base in the United States.

The transaction is expected to be completed by the end of January.

Pensa offers over 300 products in more than 20 countries. It posted sales of 269 million euros last year.

It "will play a role as a bridgehead for us to operate overseas," Towa President Itsuro Yoshida told a press conference.

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Jiji Press