Japanese pharmaceutical firm Takeda has agreed to sell its portfolio of select non-core products in Latin America to Brazil-based Hypera Pharma for $825m.

Takeda said that the portfolio includes over-the-counter (OTC) and prescription pharmaceutical products, sold in Brazil, Mexico, Argentina, Colombia, Ecuador, Panama and Peru, and is part of its growth and emerging markets business unit.

Takeda growth and emerging markets business unit president Ricardo Marek said: “Takeda remains firmly committed to the emerging markets, and Latin America. This divestment enables us to focus our investments in these countries that centre on our highly innovative medicines across Gastroenterology, Rare Diseases, Plasma-Derived Therapies, Oncology and Neuroscience.

“Doing so will help meet the unmet needs of patients living with complex and rare conditions. At the same time, we are confident that Hypera Pharma is well placed to provide patients with uninterrupted access to the products they will acquire.”

Takeda’s 300 commercial employees will be moved to Hypera Pharma

Under the terms of the agreement, Takeda will divest the rights, title, and interest to the products in a portfolio of approximately 18 select OTC and prescription pharmaceutical assets.

The company said that approximately 300 commercial employees working for the divested assets will be moved to the Hypera Pharma during the completion of the transaction.

The transaction marks fifth divestment for Takeda in the last 12 months and is in line with the company’s target of divesting approximately $10bn in non-core assets.

In addition to the divestment, Takeda has signed a manufacturing and supply agreement, pursuant to which Takeda will continue to manufacture and supply the products to Hypera Pharma.

The transaction, subject to the satisfaction of customary closing conditions, is expected to be completed in the second half of 2020.

Takeda chief financial officer Costa Saroukos said: “This announcement marks the latest step in Takeda’s strategy of streamlining and optimizing our portfolio while accelerating our deleveraging.

“By continuing to focus on our key business areas and pipeline of innovative medicines, we will strengthen our position as a R&D driven global biopharmaceutical leader and deliver enhanced value for patients and Takeda shareholders.”