Asahi Kasei to Acquire U.S. Drug Maker

Economy

Tokyo, Nov. 26 (Jiji Press)--Major Japanese chemical maker Asahi Kasei Corp. <3407> has said it will purchase Veloxis Pharmaceuticals Inc. of the United States by February next year.

The acquisition price will come to some 143.2 billion yen.

Through the purchase of the U.S. drug maker, Asahi Kasei hopes to establish a business foundation in the United States' growing pharmaceutical market.

"We'll grow our healthcare business and develop it into the third earnings pillar" alongside materials and housing businesses, Asahi Kasei President Hideki Kobori told a press conference on Monday.

Asahi Kasei currently offers bone, immune and nerve-related pharmaceutical products mainly in the Japanese market, whose growth potential is believed to be limited.

[Copyright The Jiji Press, Ltd.]

Jiji Press