Wyeth and Takeda Pharmaceutical Company Limited agreed that Takeda, which holds a 40 per cent share, would transfer a 10 per cent share of Wyeth K.K. to Wyeth with the transfer to be completed this week.

The transfer has been made pursuant to an Equity Transfer Agreement entered into by Wyeth and Takeda in May 2003.This transfer gives Wyeth 70 per cent ownership of Wyeth K.K. and full management control over the joint venture.

Though financial details of the equity transfer were not disclosed, the value
of the equity was calculated using a formula to achieve fair market value. Takeda's remaining 30 per cent equity in Wyeth K.K. will be acquired by Wyeth in increments over the next few years. Takeda will retain pro-rated seats on the Wyeth K.K. Board of Directors and will also continue to be the exclusive distributor of Wyeth K.K. products in Japan.

Robert Essner, President, Chief Executive Officer and Chairman, Wyeth, said: "The partnership between Wyeth and Takeda has been a very productive and cooperative business endeavor in Japan. The time is right for Wyeth to take control of Wyeth K.K.'s operations to establish a Wyeth platform for growth in Japan, the second largest pharmaceutical market."

Wyeth K.K. is engaged in business activities in the pharmaceutical industry in Japan.