UK pharmaceutical firm GlaxoSmithKline is seeking partnerships with small and medium sized companies in Japan to assist it in developing and distributing new medicines, according to a report in the Financial Times.
According to the paper, Glaxo's Asia-Pacific head Marc Dunoyer said the firm was hoping to work with and invest in firms but would not take a controlling stake in them. He also said there was no specific investment sum set aside.
Dunoyer indicated that it would focus its attention most on JapanÔÇÖs medium sized companies, with a particular interest in firms that already work in areas that fit its current strategy of strengthening the development of drugs for rare diseases. It hopes to focus on non-approved drugs and indications, and expand investment in R&D to enter new areas.
Glaxo said it would handle the distribution of new drugs brought to market as the result of any new partnerships.
Smaller biotechnology and other pharmaceutical companies often struggle to raise funds in Japan, where the venture capital market is weak.
Glaxo has already launched a range of medicines in Japan that are already well established in its home markets. These are said to be winning approval in the Asian country.
Japan currently accounts for four per cent of GlaxoÔÇÖs sales. Emerging markets as a whole currently make up 13 per cent of sales and have grown 19 per cent year-on-year.
Glaxo recently raised its stake in JCR, a listed drugmaker, by 4.7 per cent to 16.73 per cent, becoming its largest shareholder. The companies plan to cooperate on the development of new products. Glaxo already has the rights to develop and commercialise JCR's erythropoietin outside of Japan for the treatment of renal anaemia.
Glaxo is also working with a small company called Kaketsuken in the development of cell-culture technology for the production of flu vaccine.
Glaxo is based in London and employs around 99,000 members of staff worldwide. In 2009 it had revenues of £28,368 million.
