Takeda Pharmaceutical Company has entered into an agreement to divest a portfolio of non-core prescription pharma products sold in China to Hasten Biopharmaceutic (China).

Takeda will receive $322 million, subject to customary legal and regulatory closing conditions.

The portfolio to be divested to Hasten includes cardiovascular and metabolism products sold in mainland China. The portfolio generated FY2019 net sales of approximately $109.5 million, driven by sales of cardiovascular products such as Ebrantil.

“While the products included in the sale continue to play important roles in meeting patient needs in the country, they are outside of Takeda’s chosen business areas – Gastroenterology (GI), Rare Diseases, Plasma-Derived Therapies, Oncology and Neuroscience – that are core to its global long-term growth strategy,” said Takeda in a statement.

Takeda intends to use the proceeds from its divestitures to continue to reduce its debt and accelerate deleveraging toward its target of 2x net debt/adjusted EBITDA within FY2021 – FY2023.

Takeda has announced 10 deals since January 2019 to date for a total aggregate value of up to ~$11.3 billion, including agreements to divest:

• Takeda Consumer Healthcare Company to Oscar A-Co KK, a company controlled by funds managed by The Blackstone Group and its affiliates for a?total value of approximately JPY 242.0 billion ($2.3 billion).

• Other non-core portfolio assets within the Growth & Emerging Markets Business Unit, totalling up to approximately ~$2 billion with four separate buyers.

• Select OTC and non-core assets in Europe to Orifarm for up to approximately $670 million.

• Non-core assets in Europe and Canada to Cheplapharm for approximately $562 million.

• The TachoSil Fibrin Sealant Patch to Corza Health for €350 million. Transactions still pending are expected to close by March 31, 2021, subject to customary legal and regulatory closing conditions.