Press Release:
Press Release
News Article March 2005
TOKYO, Japan, March 4/PRNewswire-FirstCall/ -- Itochu Corporation (8001, TSE) and Sosei Co. Ltd. (4565, TSE MOTHERS index) announced today that they have agreed on a capital alliance whereby Itochu will acquire approximately 2% of the issued shares of Sosei. In addition to this capital alliance the parties will also enter into a strategic collaboration for biopharmaceutical business opportunities.
In the collaboration, Itochu will introduce to Sosei, on a priority basis, a number of promising biopharmaceutical companies from amongst Itochu's strategic business partners. These include, for example, portfolio companies of MPM Capital in the US, the largest biotech VC in the world, and potential venture companies spun out from academia such as Columbia University. Itochu's plan includes offering the supply of chemical compounds, pharmaceutical distribution, medical representative assistance and other pharmaceutical related services which can be provided by the Itochu Group.
Sosei is a leading Japanese biopharmaceutical company operating on a global basis and its current pipeline contains 9 core products which have been acquired via its various distinctive resources. These products are now being developed through various R&D collaborations and supervised by Sosei's experienced management. Itochu will make good use of Sosei's product evaluation expertise and biotech business know-how.
Through these alliances, Itochu intends to establish a solid basis for biopharmaceutical as well as drug discovery service businesses. Sosei aims to expand its access to additional promising compounds and cutting edge technologies to enrich its core product pipeline.
Details of the capital alliance
1) Number of shares to be acquired: approximately 1,200 shares
2) Date of acquisition: Early March, 2005
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