AHP and Eisai End their Joint Venture Partnership
Eisai Co., Ltd. (headquarters: Bunkyo-ku, Tokyo, President: Haruo Naito) and American Home Products Corporation (headquarters: New Jersey, USA, Chairman of the Board: John R. Stafford) have agreed that AHP will purchase Eisai's shares Wyeth-Eisai (49.99%) (headquarters: Minato-ku, Tokyo, President: Shirou Osono) today (March 1, 1996).
As a result of the acquisition of American Cyanamid Company in 1994, and for other reasons, AHP has been reexamining its long-range approach to the ethical pharmaceutical and nutritional markets in Japan. AHP, which requested that it purchase Eisai's stock, and Eisai have mutually agreed to end their joint venture relationship in Japan. Although the joint venture partnership is ending, AHP and Eisai will maintain an amicable relationship.
As a result of this purchase, as of May 1, 1996, the Wyeth-Eisai business and its employees will be transferred to AHP's 100% owned affiliate, Wyeth (Japan), which currently manufacture the products of Wyeth-Eisai.
The following joint venture products, SMA products, Osteluc, Actirin, Premarin, Planovar and Progeston will be returned to Wyeth (Japan). All Wyeth-Eisai products, which are either in the development or registration approval process (Tridiol, Tolrestat and ANA 756), will be returned to Wyeth (Japan).
The Eisai employees who were dispatched to the joint venture will return to Eisai. As part of the transition process, the following Eisai products, Clinimeal, Ferromia and Clinifood T.E.N will be returned to Eisai after approximately on year.
AHP is committed to the Japanese market. Wyeth (Japan) is considered to be an important element in achieving this objective.