Wyeth has purchased an additional 10 percent stake in Wyeth K.K. (WKK) bringing Wyeth's ownership interest in the Wyeth / Takeda Pharmaceutical Company Limited joint venture to 80 percent. Wyeth's purchase was made pursuant to an Equity Transfer Agreement entered into by Wyeth and Takeda in May 2003. Financial details of the equity transfer are confidential.
Enbrel and Mylotarg, biological products launched in Japan in 2005, are helping to drive WKK's rapid growth, stated a release.
"The partnership between Wyeth and Takeda to co-promote Enbrel should help make Japan one of the strongest markets for this important biotech product," says Bernard Poussot, President, Wyeth Pharmaceuticals.
The history of WKK begins in 1953 with Lederle (Japan), Ltd., a 50-50 joint venture between the American Cyanamid Company and the then Takeda Chemical Industries, Ltd. In 1994, American Home Products Corporation, now Wyeth, acquired American Cyanamid making it a joint venture between Wyeth and Takeda.