Roche to increase stake in Chugai
Roche says it intends to increase its stake in Chugai from 50.1% to 59.9%. and has invited Chugai shareholders to tender their shares at a price of Yen 1,730 per share.
Roche says it intends to increase its stake in Chugai from 50.1% to 59.9%. and has invited Chugai shareholders to tender their shares at a price of Yen 1,730 per share.
Chugai Pharmaceutical, based in Tokyo, is one of Japan's leading research-based pharmaceutical companies with strengths in biotechnology products. The alliance between Roche and Chugai was formed in October, 2002, and has resulted in a number of significant achievements.
Franz B. Humer, Chairman of the Board of Roche said: "We intend to increase our stake because we believe in both the long-term potential of the Japanese market and in the strategic importance of this successful partnership. Since our partnership started more than five years ago, our relationship has intensified in all areas to the benefit of both companies."
Over the past five years Chugai has launched Avastin (in colorectal cancer), Copegus (in combination with Pegasys for hepatitis C) and Tarceva (lung cancer) as well as significant line extensions for Xeloda (adjuvant colon cancer) and Herceptin (adjuvant breast cancer). A further important milestone was the filing of Actemra (rheumatoid arthritis) in the US and Europe in November 2007. Actemra is the first Chugai medicine that the Roche Group is developing for worldwide commercialisation. In Japan, Actemra was launched for the treatment of Castleman's disease in 2005 and recently approved for rheumatoid arthritis. Furthermore, R7201 (CSG452), one of three early-stage compounds that Roche licensed from Chugai in 2007, started phase I clinical development for type 2 diabetes.