Mitsui buying into the USA's PharmaSeq
Japanese drugmaker Mitsui & Co has entered into a strategic partnershipwith PharmaSeq of the USA, which initially involves the former buying a 10% stake in the New Jersey-based firm for 270 million yen ($2.2 million). The agreement is expected to incorporate a future licensing arrangement related to PharmaSeq's light-powered microtransponder technology for certain markets.
PharmaSeq's chief executive, Wlodek Mandecki, said that the deal not only includes an equity investment and a licensing opportunity, "but also is an endorsement of our powerful technology and our commercialization strategy by a large multinational company." He added that Mitsui's "well-developed marketing and distribution systems will facilitate market penetration."
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