Teva Pharmaceuticals Industries Ltd., the world's largest maker of generic drugs, is forming a venture with Handok Pharmaceuticals Co. Ltd. that will give Teva greater access to the Korean market.

Teva said that it will maintain a controlling stake in the new venture: 51% to Handok's 49%. Other financial details were not disclosed.

Under the agreement, Teva will make and supply medicines, while Handok will sell, market and distribute the products. The Korean company will also be in charge of regulatory affairs.

Teva, based in Israel, also makes branded medicines focused on the central nervous system, oncology and pain, among other segments.

The venture is expected to start operations within a few months, subject to regulatory approval.

Date: December 17, 2012
Source: Associated Press