Teva Pharmaceutical Industries Limited and Handok Pharmaceuticals Co., Ltd. announced their agreement to establish a business venture in South Korea, allowing Teva to gain entrance into the Korean pharmaceutical market, currently valued at approximately USD 14 billion. Under the terms of the agreement, Teva will contribute its global resources, with responsibilities for manufacturing and supplying a wide range of affordable and innovative medicines. Handok's primary responsibility will be in sales and marketing, distribution, and regulatory affairs.

Teva will have a controlling stake in the new business venture, with a profit split of 51%/49% to Teva and Handok, respectively. The Teva-Handok business venture is expected to commence activities in the next few months, subject to receipt of applicable regulatory approvals.