In what might appear to be a response to a more open Japanese market, Wyeth has bought remaining shares of its Japanese subsidiary from Takeda. Japan's regulatory agency announced that it would be hiring new drug reviewers and reducing the time required for drug reviews (click here to read recent news release)
Below are details on the acquisition from its press release.
Madison, N.J.-based Wyeth on Apr. 3 announced the purchase of the final 20 percent stake of Wyeth K.K. (WKK), from Takeda Pharmaceuticals Co. Ltd. (Takeda), bringing Wyeths ownership interest in WKK to 100 percent. Wyeth entered into an Equity Transfer Agreement with Takeda in May 2003. Financial details of the equity transfer are confidential.
The full ownership of WKK is part of the overall transformation of our operations in Japan. The relationship between Wyeth and Takeda remains strong, and our current co-promotion of Enbrel with Takeda is central to making Japan one of the strongest markets for this important biotech product for the treatment of rheumatoid arthritis, said Robert Essner, Wyeth chairman and chief executive officer.
Enbrel and Mylotarg, biological products launched in Japan in 2005, are helping to drive WKKs growth.
The history of WKK began in 1953 with Lederle Japan, Ltd., a 50-50 joint venture between American Cyanamid Company and the then Takeda Chemical Industries, Ltd. In 1994, American Home Products Corporation, now Wyeth, acquired American Cyanamid, making Lederle Japan a joint venture between Wyeth and Takeda.
Wyeth K.K. is engaged in a full range of pharmaceutical business activities, including developing, importing, manufacturing and marketing pharmaceutical products with the aim of becoming a leading company in the pharmaceutical industry in Japan. Headquartered in Tokyo, Wyeth K.K. has approximately 1,000 employees. See details at www.wyeth.jp.
