Abbott, Takeda break up TAP joint venture after 31 years

Abbott Laboratories and Takeda Pharmaceutical Co. have decided to end their TAP Pharmaceutical Products joint venture after 31 years.

The two companies announced today that they have agreed to conclude the Lake Forest-based joint venture within 60 days and evenly divide its value.

Abbott receives rights to the oncology treatment Lupron and also will get payments based on other TAP products. Osaka, Japan-based Takeda gets the rights to heartburn drug Prevacid along with all the remaining TAP commercial and support organizations. It says it will integrate TAP into its other North American operations.

TAP was created in 1977. It had revenue of $3.1 billion last year -- from Prevacid and Lupron.