MADISON, N.J., April 7 /PRNewswire-FirstCall/ -- Wyeth today announced the purchase of an additional 10 percent stake in Wyeth K.K. ("WKK") bringing Wyeth's ownership interest in the Wyeth / Takeda Pharmaceutical Company Limited joint venture to 80 percent. Wyeth's purchase was made pursuant to an Equity Transfer Agreement entered into by Wyeth and Takeda in May 2003. Financial details of the equity transfer are confidential.
Enbrel and Mylotarg, biological products launched in Japan in 2005, are helping to drive WKK's rapid growth.
"The partnership between Wyeth and Takeda to co-promote Enbrel should help make Japan one of the strongest markets for this important biotech product," says Bernard Poussot, President, Wyeth Pharmaceuticals.
The history of WKK begins in 1953 with Lederle (Japan), Ltd., a 50-50 joint venture between the American Cyanamid Company and the then Takeda Chemical Industries, Ltd. In 1994, American Home Products Corporation, now Wyeth, acquired American Cyanamid making it a joint venture between Wyeth and Takeda.
Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing and marketing of pharmaceuticals, vaccines, biotechnology products and non-prescription medicines that improve the quality of life for people worldwide. The Company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.
The statements in this press release that are not historical facts are forward-looking statements based on current expectations of future events that involve risks and uncertainties including, without limitation, risks associated with the inherent uncertainty of the timing and success of pharmaceutical research, product development, manufacturing, commercialization, economic conditions including interest and currency exchange rate fluctuations, changes in generally accepted accounting principles, the impact of competitive or generic products, trade buying patterns, wars or terrorist acts, product liability and other types of lawsuits, the impact of legislation and regulatory compliance and obtaining reimbursement, favorable drug pricing, access and other approvals, environmental liabilities, and patent, and other risks and uncertainties, including those detailed from time to time in the Company's periodic reports, including current reports on Form 8-K, quarterly reports on Form 10-Q and the annual report on Form 10-K, filed with the Securities and Exchange Commission. Actual results may vary materially from the forward-looking statements. The Company assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.