Takeda Pharma Agrees To Sell Select Non-Core Assets To Hasten Biopharma For $322 Mln

(RTTNews) - Takeda Pharmaceutical Company Ltd. (TAK), on Monday, said it entered into an agreement to divest a portfolio of non-core prescription pharmaceutical products sold in China to Hasten Biopharmaceutic Co., Ltd. (China) for US$322 million.

The portfolio to be divested to Hasten includes cardiovascular and metabolism products sold in mainland China. The portfolio generated net sales of about US$109.5 million in fiscal 2019, driven by strong sales of cardiovascular products such as Ebrantil(r).

Further, Takeda noted that it intends to use the proceeds from its divestitures to continue to reduce its debt and accelerate deleveraging toward its target of 2x net debt/adjusted EBITDA within FY2021 - FY2023.

The deal, which is expected to close by June 30, 2021, is subject to the satisfaction of customary closing conditions, receipt of required regulatory clearances and, where applicable, satisfaction of local works council requirements.