Takeda to Divest OTC Products to Orifarm for $670 Million

Takeda announced on April 24, 2020 that it has entered into an agreement to divest its portfolio of select non-core, over-the-counter (OTC) and prescription pharmaceutical products sold in Europe to Orifarm, a Danish pharmaceutical company, for $670 million.

According to a Takeda press release, the portfolio generated net sales of $230 million in 2018 and includes OTC products, food supplements, and prescription products in the respiratory, anti-inflammatory, cardiovascular, and endocrinology therapeutic areas sold in Denmark, Norway, Belgium, Poland, Finland, Sweden, the Baltics, and Austria.

This divestment is part of Takeda’s goal to divest $10 billion in non-core assets and focus on its key business areas.

“These divestments will enable us to further prioritize and reinforce efforts in our core business areas,” said Giles Platford, president, Europe and Canada Business Unit, Takeda, in the press release. “Throughout the robust sale process we conducted for these assets, we focused on finding the right partner to maximize the value of these trusted products and maintain continuity of supply for the patients and customers who depend on them. We are confident that Orifarm is the right partner for these regions.”

“This transaction represents the continued execution of our strategy to simplify our portfolio and accelerate deleveraging. We remain focused on investing in our key business areas as we continue strengthening our position as a R&D-driven global biopharmaceutical leader and deliver enhanced value for patients and Takeda shareholders,” added Costa Saroukos, chief financial officer, Takeda, in the press release.

Source: Takeda