In order to enter the South Korean pharmaceutical market, Teva Pharmaceutical Industries has agreed to form a joint venture with Handok Pharmaceuticals. Teva will have a controlling 51% stake in the joint venture and will manufacture and supply a wide range of medicines, including branded generics and innovative drugs. Handok will assume responsibility for the sales, marketing and distribution of joint venture products as well as for regulatory affairs. The deal follows the announcement of a new strategic plan by Teva in December 2012.