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) --

Takeda Pharmaceutical

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


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.

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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Joseph Woelfel

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