Wyeth Completes Purchase of Wyeth K.K. Japan
MADISON, N.J., April 03, 2007 /PRNewswire-FirstCall/ -- Wyeth today announced the purchase of the final 20 percent stake of Wyeth K.K. (WKK), from Takeda Pharmaceuticals Company Limited (Takeda), bringing Wyeth's 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(R) with Takeda is central to making Japan one of the strongest markets for this important biotech product for the treatment of rheumatoid arthritis," says Wyeth Chairman and Chief Executive Officer Robert Essner.
Enbrel and Mylotarg(R), biological products launched in Japan in 2005, are helping to drive WKK's 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 is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing and marketing of pharmaceuticals, vaccines, biotechnology products and non-prescription medicines that improve the quality of life for people worldwide. The Company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.
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. Our corporate vision is Leading the way to a healthier world. We strive to achieve this vision by bringing to the world pharmaceutical and health care products that improve people's lives and deliver outstanding value to our customers. Headquartered in Tokyo, Wyeth K.K. has approximately 1,000 employees. See details at www.wyeth.jp.
The statements in this press release that are not historical facts are forward-looking statements based on current expectations of future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include the inherent uncertainty of the timing and success of, and expense associated with, research, development, regulatory approval and commercialization of our products, including with respect to our pipeline products; government cost-containment initiatives; restrictions on third-party payments for our products; substantial competition in our industry, including from branded and generic products; data generated on our products; the importance of strong performance from our principal products and our anticipated new product introductions; the highly regulated nature of our business; product liability, intellectual property and other litigation risks and environmental liabilities; uncertainty regarding our intellectual property rights and those of others; difficulties associated with, and regulatory compliance with respect to, manufacturing of our products; risks associated with our strategic relationships; economic conditions including interest and currency exchange rate fluctuations; changes in generally accepted accounting principles; trade buying patterns; the impact of legislation and regulatory compliance; risks and uncertainties associated with global operations and sales; and other risks and uncertainties, including those detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including our current reports on Form 8-K, quarterly reports on Form 10-Q and annual report on Form 10-K, particularly the discussion under the caption "Item 1A, Risk Factors." The forward-looking statements in this press release are qualified by these risk factors. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
CONTACT: Media, Douglas Petkus, +1-973-660-5218; or Investors, JustinVictoria, +1-973-660-5340, both of Wyeth
Web site: http://www.wyeth.com//
Ticker Symbol: (NYSE:WYE)
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Posted: April 2007