Merger rumors push Tanabe shares up

10 May 2001

Despite the fact that a company spokesman has denied the rumors, TanabeSeiyaku of Japan reached a nine-year high last week following a report in the country's International Pharmaceutical Intelligence journal which claimed that the drugmaker is finalizing either a merger or acquisition. However, Bloomberg News cites analysts as saying that this is an oft-repeated rumor that makes no sense at the present time, as Tanabe is about to launch a series of new drugs and make appointments to its management team.

Tanabe recently revised its consolidated sales forecast for the fiscal year ended March 3 to 193 billion yen ($1.59 billion), an increase of 2.7%, as a result of solid domestic growth of drugs such as Ceredist (taltireline) for the treatment of spinocerebellar degeneration, and down payments received from licensing deals for the firm's antidiabetic and anti-inflammatory agents.

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