Researchers buy out Pfizer Japan laboratory

Global pharmaceutical giant Pfizer's Nagoya Research Laboratories in Japan, which will formally close at the end of March 2008, will be survived as a new independent organization operated by about 80 researchers working in the unit, Hiromitsu Iwasaki, president of Pfizer's Japanese subsidiary, revealed at a press conference.

Mr Iwasaki said that, in response to requests from employees, local government and academic societies, the company will maintain the laboratories as an independent organization. Although it has been decided that 80 researchers will participate in running the facility, whether they and/or Pfizer will invest in the new laboratories have not been decided yet, he explained, according to the Marketletter's local correspondent.

However, the Nikkei Weekly reports that these researchers will take a controlling stake in the venture, with 10.0 billion yen ($87.0 million) - equal to three years of operating costs - to be raised from investment funds in Japan and abroad.