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Teva, Handok form South Korean pharma venture

NEW YORK (AP) -- Teva Pharmaceuticals Industries Ltd., the world's largest maker of generic drugs, is forming a venture with Handok Pharmaceuticals Co. Ltd. that will give Teva greater access to the Korean market.

Teva said late Sunday that it will maintain a controlling stake in the new venture of 51 percent to Handok's 49 percent. Other financial details were not disclosed.

Under the agreement, Teva will make and supply medicines, while Handok will sell, market and distribute the products. The Korean company will also be in charge of regulatory affairs.

Teva, based in Israel, also makes branded medicines focused on the central nervous system, oncology and pain, among other segments.

The venture is expected to start operations within a few months, subject to regulatory approval.