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news.US pharmaceutical giant Wyeth has purchased an additional 10% stake in Wyeth KK, its Japanese-based joint venture with Takeda Pharmaceutical Company.
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The additional shares brings Wyeth’s stake in the company to 80%. Financial terms of the deal were not disclosed.
According to Wyeth, growth of Wyeth KK (WKK) is being driven by the arthritis drug Enbrel and the anticancer drug Mylotarg, biological products launched in Japan in 2005.
“The partnership between Wyeth and Takeda to co-promote Enbrel should help make Japan one of the strongest markets for this important biotech product,” said Bernard Poussot, president, Wyeth Pharmaceuticals.
WKK began in 1953 as Lederle (Japan), a 50-50 joint venture between the American Cyanamid Company and the then Takeda Chemical Industries.
In 1994, American Home Products Corporation, now Wyeth, acquired American Cyanamid making the company a joint venture between Wyeth and Takeda.
Wyeth increased its share in WKK from 60% to 70% in April 2005.