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Home Industry News Wyeth completes purchase of Wyeth KK from Takeda

Wyeth completes purchase of Wyeth KK from Takeda

5th April 2007

Wyeth has announced that it has completed its acquisition of Wyeth KK (WKK) from Takeda Pharmaceuticals, reporting that it has acquired the final 20 per cent stake in the firm, giving Wyeth full ownership of the company.

Lederle Japan, a precursor company to WKK, was formed in 1953 by American Cynamid and Takeda Chemical Industries as a joint-venture between the firms. Wyeth, then known as American Home Products, aquired American Cynamid in 1994.

Wyeth’s acquisition of WKK follows an equity transfer agreement signed by Takeda and Wyeth in May 2003, financial details of which were not published. WKK is involved in the development, importing, manufacturing and commercialisation of pharmaceutical products.

Robert Essner, chairman and chief executive officer of Wyeth, commented that this transaction is part of the company’s overall transformation of its business within 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,” he said.

Last month, Wyeth announced the pricing of its public offering of $2.5 billion (1.27 billion pounds) aggregate principal amount of notes. This offering consisted of $2 billion of 5.95 per cent notes due at the start of April 2037 and $500 million of 5.45 per cent notes due at the start of April 2017.

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