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news.Tokyo-based Kyorin Pharmaceutical Co has completed its $21 million acquisition of Californian biotech firm ActivX Biosciences. ActivX will now serve as Kyorin's drug discovery and development center in the US and will provide Kyorin with a research network covering Japan, Europe and the US.
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Kyorin and ActivX have been collaborating since May 2002 to discover new drugs for the treatment of type 2 diabetes. The collaboration was expanded in early 2004 to cover other metabolic diseases.
Under the terms of the agreement, Dr John Kozarich, former president and chief R&D officer, becomes chairman and president of ActivX and chief scientific advisor of Kyorin.
“The acquisition of ActivX by Kyorin is a landmark event for both companies,” stated Kozarich. “The acquisition provides us with a unique opportunity to create a new paradigm for a US-based Japanese research center.”
Ikuo Ogihara, president of Kyorin, commented: “The ActivX acquisition is a key component in Kyorin’s strategy to create an innovative global drug discovery network.”
Kyorin said it anticipates that ActivX’s collaborations with major pharmaceutical companies will continue, in order to expand the technological platform and to foster future scientific and business relationships.