BioPharma Dive April 22, 2024
Backed by Takeda, Astellas and Sumitomo Mitsui Banking, the new entity will incubate early drug discovery programs primarily from Japan.
Three large Japanese firms are forming a joint venture to jumpstart drug research in their home country and stem a recent decline in the development of innovative medicines there.
On Monday, Takeda Pharmaceutical, Astellas Pharma and Sumitomo Mitsui Banking announced they’ve signed a deal to establish the as-yet unnamed joint venture, which will be tasked with incubating early drug discovery programs, primarily from Japan, and turning them into new therapies.
The new firm will be initially funded with about 600 million yen, or roughly $3.9 million. Takeda and Astellas will each own 33.4% of its shares, with Sumitomo holding the...
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