Tokyo, Dec 3, 2004 (JCN) - Kyorin Pharmaceutical Co., Ltd. (TSE: 4560) has announced that it will acquire ActivX Biosciences of California.
Upon the closing of the transaction, a U.S. subsidiary of Kyorin established to effectuate the acquisition will be merged with and into ActivX, and ActivX will survive the merger as a wholly owned subsidiary of Kyorin.
The aggregate price for the acquisition of ActivX is $21,000,000, and Kyorin forecasts that the economic impact on its 2004 fiscal year financial statements will be minimal.
ActivX, founded in August 2000, is a biotechnology venture company with advanced proteomics technologies. ActivX's high-speed protein analysis method employing Activity-Based Probes has gained the attention of some leading pharmaceutical companies.
Kyorin and ActivX have been collaborating since May 2002 to discover candidate compounds for Kyorin in the field of Type II Diabetes. Through the use of ActivX's technology, the companies were able to discover lead compounds within the timeframes expected. In January 2004, Kyorin signed a collaboration agreement with ActivX to perform research on Kyorin's compounds in the field of metabolic disorders.
Copyright © 2013 JCN. All rights reserved. A division of Japan Corporate News Network KK.
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