Chugai to sell C&C Research Laboratories stake to JW Pharmaceutical

Japan’s research-based pharma company, Chugai Pharmaceutical Co., Ltd. has recently made it to headlines when it agreed to change the equity structure of C&C Research Laboratories (C&C), a Korean joint venture which it formed with JW Pharmaceutical Corp.

According to reliable sources, Chugai would sell its C&C’s share to JWP by the end of this year. This would make C&C a fully owned subsidiary of JWP and would allow it to continue its research in drug discovery with independent management.

Reportedly, the move comes after both the firms agree that C&C has flourished to advance its drug candidates such as gout treatment and atopic dermatitis, and is quite capable of organizing its research programs as an independent entity. Both Chugai and JWP will maintain cordial partnerships and favorably collaborate on C&C’s latest drug candidates.

Speaking on the move, Tatsuro Kosaka, President and CEO, Chugai, said that C&C has developed numerous drug candidates which have entered the clinical study stage. The company has also attained the initial goal of creating a novel drug discovery base with superior technological abilities in Korea.

Kosaka added that Chugai values JWP’s partnership and is looking forward to seeing several ground-breaking innovations from C&C in the forthcoming years.

As per Young sub Shin, CEO, JWP, C&C has developed synergy by integrating Korea’s human infrastructure with Chugai’s knowledge on latest drug development. The company is thankful for Chugai’s continuous support ever since its inception and will work hard on growing C&C as an international R&D venture.

Prior to this news, Chugai had revealed that its “Annual Report 2018” had bagged an award in the 7th WICI Japan Award for Excellence in Integrated Reporting. Reportedly, this is the first award that the company has received from WICI Japan, which was for “the Prize for Excellence in Integrated Reporting”.

Sources cite that Chugai’s annual report was acclaimed as an outstanding example of integrated reporting with a superior level of thoroughness that grants an insightful view of the firm’s future.

Source Credit: https://www.chugai-pharm.co.jp/english/news/detail/20191127160000_672.html