Takeda, the Japanese pharmaceutical company, is to pay more than $1.5bn to Abbott of the US as part of a deal to disband its North American joint venture after 30 years.

Tap, a 50:50 structure to market Takeda’s medicines in the US with sales of $3.1bn last year, will be broken up, with Abbott retaining the rights to Lupron, an oncology medicine, and 300 sales staff.