Thursday, 24th February 2011
In Business In Japan,
Japanese company buys Scottish biotech firm
Japan-based Kyowa Hakko Kirin (KHK) has succeeded in purchasing a Scottish biotech firm.
It is understood that the deal is worth a total of £292 million and signals the continuing expansion of Japan into the drug making sector.
ProStrakan is one of Scotland's largest biotechnology companies and has recently developed a dissolving drug designed to treat pain in cancer patients.
KHK, founded in 2008, is set to pay ProStrakan shareholders 130p in cash per share and managed to beat off bids from a number of rival companies including Dutch pharmaceutical Norgine after ProStrakan's board recommended the Japanese approach.
ProStrakan recently suffered a setback when a factory producing one of its major drugs Sancuso was shut down following an inspection by the US food and drug administration in 2010. Production was eventually resumed at the end of the year.
Written by Mark Smith.