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Teijin Pharma Limited (Head office: Chiyoda-ku, Tokyo; President: Osamu Nishikawa) announced today that it has agreed to establish a 50-50 joint venture with Laboratorios del Dr. Esteve S.A. (hereafter "Esteve"), a major Spanish pharmaceutical company, to enter the home respiratory therapy business in Europe, beginning in Spain. The joint venture, Esteve Teijin Healthcare S.L. (hereafter "ETH"), which will be established through Teijin Holdings Netherlands B.V., the Teijin Group's holding company in Europe, will acquire Esteve's total stake in OXIMEPLUS S.A. (hereafter "OXIMEPLUS"), a Spanish provider of home respiratory therapy services, accounting to 51% of the company's outstanding stock. ETH and OXIMEPLUS will be affiliates of Teijin Limited (Head office: Chuo-ku, Osaka; President: Shigeo Ohyagi) , Teijin Pharma's parent, under the equity method of accounting. This company is expected to be established around the end of January 2009, after receiving approval from the relevant authorities. Background As its first step into the European healthcare market, Teijin Pharma is teaming with Esteve to enter the home respiratory business after having cultivated a strong relationship over many years. Esteve is the second largest Spanish pharmaceutical company and is the licensee in Spain for Bonalfa®, Teijin Pharma's active vitamin D3 preparation for the treatment of psoriasis. Esteve has been interested in entering the market for home respiratory therapy to expand its business. Teijin Pharma is a leader in the Japanese home healthcare market, commanding a share of approximately 60% in the service provider business for the home oxygen therapy. The company is also a major provider of devices to test for and diagnose sleep apnea syndrome (SAS), and continuous positive airway pressure (CPAP) devices to treat this condition. SAS patients have increased significantly in recent years. Teijin Pharma is already operating in the same markets in South Korea and the United States under a plan to establish global operations. It is now entering the European market, the second largest in the world after the United States. Going Forward By drawing upon Esteve's longstanding presence in the Spanish healthcare market and Teijin Pharma's extensive patient services and operational know-how developed over many years, OXIMEPLUS will offer high-quality home respiratory therapy services with the aim of expanding operations. While expanding operations in Spain, ETH will develop strategies and pursue opportunities for expanding businesses in other major markets of Europe. With operating bases in Europe and North America, as well as growing business in Asia, Teijin Pharma looks forward to offering comprehensive healthcare solutions in pharmaceuticals and home healthcare contributing to the quality of life among a broadening scope of customers worldwide. About Laboratorios del Dr. Esteve S.A.
About Esteve Teijin Healthcare S.L.
About OXIMEPLUS S.A.
About Teijin Limited Teijin is a global technology-driven group operating in five main fields: synthetic fibers; films and plastics; pharmaceuticals and home health care; trading and retail; and IT and new products. Teijin Limited is listed on the Tokyo and Osaka stock exchanges and has a market capitalization of USD 4.1 billion. The company had consolidated sales of USD 10.3 billion in fiscal 2007, and employs approximately 19,000 people worldwide. About Teijin Pharma Limited Teijin Pharma Limited, the core company of Teijin Group's medical and pharmaceuticals business, focuses on three key therapeutic areas: respiratory, bone/joint, and cardiovascular/metabolic diseases, with about 1,700 employees. Teijin Pharma has strong marketing positions particularly in the respiratory and bone/joint areas with pharmaceutical products and a home healthcare business, including home oxygen therapy (HOT), which has a top market share in Japan. In the cardiovascular/metabolic diseases area, as well as in the other focused areas, Teijin Pharma is trying to enhance its presence through in-licensing and out-licensing products, effective co-developments, and in-house R&D activities. For further information, please contact: Public Relations & Investor Relations Office TEIJIN LIMITED TEL: +81-3-3506-4055 FAX: +81-3-3506-4150 E-mail: pr@teijin.co.jp |
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