Shionogi sets up new EU unit; posts 37% profit hike

Japanese drug major Shionogi (TYO: 4507) yesterday revealed that it has decided to establish its 100% owned subsidiary, styled Shionogi Limited, in London, UK, as a development foothold in the European Union.

Under the goals of its third quarter Medium-term Business Plan, Shionogi noted that it has accelerated global development to develop at least five late-stage (Phase IIb and beyond) products, submit New Drug Applications overseas for four products (originating from Shionogi or Japanese research institutions) and launch at least one product by fiscal year 2014. The setting up of the subsidiary aims to prepare a development foothold in the EU in addition to Japan and the USA to enable more efficient and rapid development by selecting the best region globally depending on stages of clinical trials.