Dainippon Sumitomo sets up subsidiary in Singapore

Japanese drug major Dainippon Sumitomo Pharma (TYO: 4506) has established a wholly-owned subsidiary in Singapore as a base for operations in Southeast Asia, under the name Sunovion Pharmaceuticals Asia Pacific.

Dainippon Sumitomo says it is progressing its global expansion with its global strategic product, antipsychotic lurasidone hydrochloride at the core. As a part of this effort, the company has considered extending commercial operations for lurasidone hydrochloride to countries in Southeast Asia where growth is expected in the mid-to long term.

The drugmaker will first promote business operations such as obtaining approval for and marketing lurasidone hydrochloride in Southeast Asia through partnerships with local companies. Further in the future, using Singapore as a base for operations, Dainippon Sumitomo will consider successive expansion of its product line-ups in Southeast Asia and additionally business expansion into neighboring countries such as Australia.