Abbott, Takeda end 30-year pharma venture

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Abbott Laboratories and Takeda Pharmaceutical have concluded their pharmaceutical joint venture.

The closing of the agreement to evenly divide the value of the venture marks the conclusion of a more than 30-year-old joint venture, according to the Abbott Park, Ill.-based Abbott and the Osaka, Japan-based Takeda.

Under terms of the agreement, the companies said that Abbott will receive rights to the oncology treatment, Lupron, including the commercial organization supporting that franchise, and will receive payments on other current and certain future products. Takeda will receive the rights to Prevacid, all the remaining commercial and support organizations and the rights to the venture’s pipeline, Abbott and Takeda said.