Japan-based Takeda Pharmaceutical will sell its over-the-counter drug business to Blackstone Group, a U.S. private equity firm, for $2.37 billion, according to the Nikkei Asian Review.
The drugmaker incurred debt when it acquired Shire, a U.K.-based drugmaker, in 2019, and the sale of its nonprescription drug division is intended to relieve some of that debt.
Takeda will focus its management resources on developing prescription drugs, the company told the Nikkei Asian Review. It plans to sell a total of $10 billion in assets.
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