Actavis announced a preliminary agreement with ASKA Pharmaceutical concerning the establishment of a joint company: Actavis ASKA Co., Ltd. The plan is to enter the Japanese generic pharmaceutical market in April 2009.
Actavis will hold 45% of shares in the joint venture; ASKA 55%.
Actavis has the opportunity to enter the Japanese market and utilise its wide product portfolio, both existing and in the pipeline, in co-operation with an experienced and resourceful partner.
“This business alliance will enable ASKA to combine the benefits of its expertise in developing and marketing pharmaceutical products in Japan with Actavis’ broad range of products marketed globally. Thus, the new joint company will be able to maximise the different and complementary strengths of its founders, and will aim to become a leading company in the Japanese generic products’ market,” said Takashi Yamaguchi, the CEO of ASKA Pharmaceutical.
His Actavis counterpart, Sigurdur Oli Olafsson, commented: “This is an excellent opportunity for Actavis to enter the Japanese market – the second biggest pharmaceutical market in the world. The government’s policy to increase the share of generics during the next few years is key to our decision to enter the Japanese market at this time. We are very much looking forward to a long and successful partnership with ASKA, a strong partner with an excellent local network.”
Actavis operates in 40 countires and is one of the world’s leading generic pharmaceutical companies specialising in the development, manufacture and sale of generic pharmaceuticals.