Japan stock market week to July 7, 2008

13 July 2008

Tokyo continued a pullback in the week to July 7 with daily declines for four consecutive sessions except the last trading day. The Nikkei 225 lost 0.9%, to close at the 13,300 level, while the Topix index was down 0.6%, although, on the final day, it managed to record a daily gain helped by the recovery of Asian markets. Investors were disappointed at the Bank of Japan's quarterly Tankan business sentiment survey for June, which showed a worsening for the third straight quarter due to the rises in prices of oil and raw materials. Business confidence of manufacturing companies dropped to 5, the worst since September 2003, from 11 in the previous survey in March. The pharmaceutical index advanced 1.6%, outperforming the market.

Taisho gained 1.8%, reflecting a report that it had concluded a basic agreement with Biofermin Pharmaceutical, which it acquired in March. The deal is aimed at generating synergies between the two companies and the alliance includes the joint R&D and product development combining Taisho's expertise in prescription drugs, over-the-counter and quasi medicines, as well as Biofermin's lactic acid technologies and expertise. The improvement of production efficiency by combining both companies' technologies is also targeted.

Takeda rose 0.9% as the company, together with Wyeth KK, launched the new formulation of Enbrel (etanercept) for the treatment of rheumatoid arthritis originated by Wyeth and marketed in Japan by both under a co-promotion accord. The new formulation is the drug pre-filled into syringes for subcutaneous injection and is expected to offer easier administration for patients who self-inject the drug and for medical professionals. Turnover of Enbrel in Japan expanded thus far supported by evidence of safety and efficacy shown from the post-marketing surveillance of more than 14,000 cases. Takeda's share performance was also assisted by the announcement that its US subsidiary had merged with TAP Pharmaceutical Products (Marketletters passim). The merger followed the conclusion of the US joint venture between Takeda and Abbott on March 19. Based on the terms announced previously, Takeda gains the rights to TAP's anti-ulcer agent Prevacid (lansoprazole), its non-Lupron-related commercial organization (TAP retains the anticancer agent Lupron), its support organizations and its pipeline. TAP became a wholly-owned subsidiary of Takeda America Holdings, effective May 1.

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