Mitsubishi Chemical Holdings announced that its wholly owned subsidiary, Mitsubishi Pharma, and Tanabe Seiyaku have agreed to merge the two Japanese companies in a deal that will go into effect Oct. 1.
The new company will become a consolidated subsidiary of Mitsubishi Chemical. The companies believe that the proposed merger will help create a global pharmaceutical company.
In light of the plan, Tanabe plans to accelerate R&D of in-house products and take on business opportunities that address unmet medical needs. Mitsubishi Pharma will reinforce overseas business infrastructure.
Tanabe is focused on making drugs for cardiovascular, neurological, allergy and gastroenterological indications. Mistubishi Pharma develops treatments for neuropsychiatry, cardiovascular, metabolic, immunologic, respiratory and oncology indications.