Tokyo, Japan-based Takeda Pharmaceutical plans to sell its over-the-counter drug business for $3.71 billion to reduce the debt it incurred after purchasing Irish drugmaker Shire, according to the Nikkei Asian Review.
Takeda is Japan's largest drug company. At the end of 2019, Takeda acquired Shire and the deal raised Takeda's interest-bearing debt to more than $46 billion, according to the Nikkei Asian Review. In response, the drugmaker said it plans to divest $10 billion worth of its non-core operations.
Taisho Pharmaceutical, Japan's largest over-the-counter drug company, is reportedly the leading candidate to purchase the business from Takeda.
Takeda plans to focus on developing treatments for cancer, digestive system and central nervous system diseases and rare conditions, according to the Nikkei Asian Review.
Read the full article here.