Taisho Pharmaceutical Co. Ltd. (4535.TO) said Wednesday it will buy Bristol-Myers Squibb Co.'s (BMY) over-the-counter drug brand assets in Asia, as well as an Indonesian subsidiary of the U.S. company, in a deal worth $310 million.

Under the agreement, Japan's largest maker of OTC pharmaceutical products by sales will buy the New York-based drug maker's OTC brand assets in Asia for $160 million. In addition, Taisho will purchase a 97.97% stake in Bristol-Myers Squibb Indonesia (SQBI.JK), which is listed in Jakarta, through a tender offer for $150 million.

Bristol-Myers' Asian assets include Tempra, a pain relief drug, and Counterpain, an inflammation treatment.

-By Kazuhiro Shimamura, Dow Jones Newswires; 813-6895-7566; kazuhiro.shimamura@dowjones.com