After outbidding Valeant Pharmaceuticals by offering to acquire Cephalon for US$6.8 B earlier in May 2011, Teva Pharmaceutical Industries has agreed to purchase a 57% controlling stake in Taiyo Pharmaceutical Industry, Japan’s third largest generics company, for US$460 M. Teva will also make an offer to acquire the remaining outstanding shares of the privately held company from minority investors. The transaction, which values Taiyo at US$1.3 B, will accelerate Teva’s goal of becoming a key generics player in Japan.