Tokyo saw continued pullback in the week ended April 24, when the Nikkei 225 lost 0.5%, to close slightly below the 17,000 mark for the first time since the end of March 2006, while the Topix Index dipped 0.5%. Investors refrained from positive activity, awaiting the scheduled reporting later in the week and on the financial year ending March 2006 earnings. Uncertainties about external factors, such as the anticipated further hike in crude oil prices and interest rates in the USA and Japan, also caused players to sit on sidelines. On the positive side, the establishment of sizable new investment trust funds is expected toward the end of April, likely improving the market's supply and demand relationship.
The pharmaceutical index gained 2.4%, outperforming the market. Dainippon Sumitomo leapt 8.4% and Eisai edged up 1.3% on the announcement that the former has out-licensed Gasmotin (mosapride citrate), a gastroprokinetic drug, to Eisai for development, manufacturing and marketing in 10 Asian countries, including ASEAN member countries, such as Indonesia, Thailand and the Philippines. Eisai has been concentrating on market development activities in Asia and expects that the addition of Gasmotin to its product portfolio will generate greater synergy. Gasmotin, a selective serotonin 5-HT4 receptor agonist, is marketed in Japan for the treatment of gastrointestinal symptoms associated with chronic gastritis.
Takeda advanced 3.3% reflecting that TAP, its joint venture with Abbott, recorded favorable results for the first quarter of 2006. Turnover rose 3.1% year-on-year to $785.0 million, including a 4.5% rise in sales of the antiulcer agent Prevacid (lansoprazole). Revenues from the anti-prostatic cancer drug Lupron (leuprorelin) edged down 1.5% to $168.0 million. Net income leapt 22.3% to $203.0 million. Takeda's share performance was also supported by its conclusion at the end of March 2006 of co-promotion in the USA between its subsidiary Takeda Pharmaceuticals North America (TPNA) and Eli Lilly on the antidiabetes agent Actos (pioglitazone). This took place prior to the scheduled termination at the end of September and Takeda believes that TPNA will be able to promote the drug sufficiently with 1,300 specialized medical representatives in USA.
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