August 5, 2008
Kowa Acquires ProEthic Pharmaceuticals
Kowa Company, a privately-held company headquartered in Nagoya, Japan, has acquired ProEthic Pharmaceuticals, a specialty pharmaceutical company based in Montgomery, Alabama.
Effective September 1, 2008, ProEthic will change name to Kowa Pharmaceuticals America and will assume responsibility for all sales and marketing functions currently operating in Montgomery, Alabama. ProEthic's clinical development group will transfer to Kowa Research Institute, which is located in Morrisville, North Carolina.The first pharmaceutical product to be launched by the new company will be pitavastatin, a novel HMG CoA reductase inhibitor for the treatment of hyperlipidemia. Pitavastatin is sold in Japan, Korea and Thailand under the brand Livalo. Pitavastatin has recently completed Phase III clinical development in Europe and the US.
Yoshihiro Miwa, president and CEO of Kowa, said: "The opportunity to enter the US pharmaceutical market represents a significant step towards Kowa's vision of creating a global pharmaceutical organization. Pharmaceuticals represent one of Kowa's fastest growing businesses, and we are happy that Kowa Pharmaceuticals America will now be part of that plan."