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News Flash – Solomon to divide TAP asunder

The rumor that has swirled around today appears to now be confirmed – Abbott and Takeda are going to divide up TAP.

Abbott Laboratories disclosed late Wednesday that it has agreed to with Japanese partner Takeda Pharmaceuticals to split up their decades-old drug-making joint venture, TAP Pharmaceuticals.

Takeda, Japan’s biggest drug producer, has long been interested in taking full control of the venture, which the two companies formed in 1977. But the two partners have reportedly had difficulty in the past settling on a buyout price.

Under the accord the two companies announced today, they will “evenly divide the value” of the joint venture.

Full news article is here.

(What’s “Solomon” got to do with this?)

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