The purchase was made pursuant to an equity transfer agreement entered into by Wyeth and Takeda in May 2003. Takeda’s remaining 30% equity in WKK will be acquired in increments over the next few years.
Financial details of the equity transfer were not disclosed, but the companies used a formula to determine fair market value. Until the purchase of Takeda’s remaining equity position is complete, Takeda will retain pro-rated seats on the Wyeth KK (WKK) board of directors.
WKK began in 1953 with Lederle (Japan) Ltd, a 50-50 joint venture between the American Cyanamid Company and the then Takeda Chemical Industries. In 1994, American Home Products Corporation, now known as Wyeth, acquired American Cyanamid making it a joint venture between Wyeth and Takeda.
In 1998 Wyeth increased its equity position to 60% of the joint venture and the pharmaceutical business of Wyeth (Japan) Corporation was combined with Lederle (Japan), which then changed its name to Wyeth Lederle Japan Ltd. In December 2003, its name was changed to Wyeth KK.