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Takeda aims to sell $670M over-the-counter assets to trim debts

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Japan’s Takeda Pharmaceutical Co Ltd said it is planning to sell up to $670 million of its European over-the-counter assets to reduce debts.

The drug firm said on Friday that sell selected units in Europe to Denmark-based Orifarm Group, including two manufacturing sites in Denmark and Poland.

The sale is part of Takeda’s pledge to sell $10 billion in non-core assets to reduce it loans after it bought Shire Plc for $59 billion in January 2019.

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Takeda is also seeking to sell the Takeda Consumer Healthcare for around 400 billion yen ($3.71 billion), Nikkei reported.

Taisho Pharmaceutical leads the possible buyers for the subsidiary of Japan’s biggest drug company, though negotiations are still unclear because of the coronavirus pandemic clouding the outlook for markets. Takeda and Taisho declined to make a comment.

Takeda Pharmaceutical’s shares closed at a 2.2% growth in Tokyo, but fell 0.9% in the broader market. The drug firm’s are still down 14% so far this year.

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