TOKYO (

TheStreet

) --

Takeda Pharmaceutical

, the biggest drugmaker in Japan, agreed to acquire Swiss competitor

Nycomed

for €9.6 billion ($13.66 billion).

The deal

is expected to be completed within 90 to 120 days. The acquisition excludes Nycomed's U.S. dermatology business.

Takeda, in a press release, said the "transformational transaction" was a strategic fit with its growth strategy.

"Takeda has its strong presence in the Japanese and U.S. markets, while Nycomed has a significant business infrastructure in Europe and high-growth emerging markets that will enhance Takeda's regulatory development expertise and commercialization capability," Takeda said.

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Nycomed operates mostly in Europe and developing nations. Its products range from prescription drugs such as Daxas, used for lung conditions, to various over-the-counter medications.

The Nycomed acquisition is Takeda's second major deal after it bought U.S. cancer drug specialist

Millennium Pharmaceuticals

in 2008 for about $9 billion.

-- Written by Joseph Woelfel

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