Kyowa Hakko Kirin to acquire ProStrakan

Kyowa Hakko Kirin has agreed to acquire the UK pharmaceutical company ProStrakan in a deal worth 292 million pounds.

The transaction will see Kyowa Hakko Kirin purchase all share capital in the Galashiels-based company and is expected to be finalised in June 2011.

Kyowa Hakko Kirin believes that the takeover will allow it to expand its presence in Europe and the US, while the companies' combined clinical development capabilities will facilitate the creation of new treatments.

ProStrakan's shareholders and board have also deemed the deal to be in the best interests of the company's future development.

Yuzuru Matsuda, president and chief executive officer of Kyowa Hakko Kirin, said: "We look forward to working with ProStrakan's highly-skilled team to contribute to worldwide human health and wellbeing through innovative drug discovery and global commercialisation."

Last month, Kyowa Hakko Kirin published its financial statement for 2010, noting a better-than-expected level of sales and profits for the year.