NAGOYA, Japan and MONTGOMERY, Ala., Aug. 4 Kowa Company,Ltd., a privately-held company headquartered in Nagoya, Japan, today announcedthe acquisition of ProEthic Pharmaceuticals, Inc., a privately-held specialtypharmaceutical company based in Montgomery, Alabama.
Effective September 1, 2008, ProEthic will change name to KowaPharmaceuticals America and will assume responsibility for all sales andmarketing functions currently operating in Montgomery, Alabama. ProEthic'sclinical development group will transfer to Kowa Research Institute, which islocated in Morrisville, North Carolina.
"The opportunity to enter the U.S. pharmaceutical market represents asignificant step towards Kowa's vision of creating a global pharmaceuticalorganization. Pharmaceuticals represent one of Kowa's fastest growingbusinesses, and we are happy that Kowa Pharmaceuticals America will now bepart of that plan," said Yoshihiro Miwa, President and Chief Executive Officerof Kowa. "We are optimistic about the prospects that this acquisition willbring, and we will work closely with the company to ensure its futuresuccess."
The first pharmaceutical product to be launched by the new company will bepitavastatin, a novel HMG CoA reductase inhibitor for the treatment ofhyperlipidemia. Pitavastatin is sold in Japan, Korea and Thailand under thebrand Livalo(R). Pitavastatin has recently completed Phase 3 clinicaldevelopment in Europe and the United Sates.
"We are excited about the partnership with Kowa and the confidence theyhave shown in our management team and its ability to grow the company intobecoming a leading provider of unique and effective pharmaceutical products,"said Carl Whatley, Chief Executive Officer of ProEthic. "We also look forwardto the future launch of products from Kowa's rich pipeline, currently inclinical development at Kowa Research Institute."
Since its establishment in 1894, Kowa has grown into a multinationalJapanese company actively engaged in various manufacturing and tradingactivities in the fields of pharmaceutical, life science and informationtechnology, textiles, machinery and various consumer products. During its longhistory, Kowa has consistently strived to meet the changing needs, and withits continuing entrepreneurial initiative, is determined to meet the needs offuture generations. It is this commitment to consistency and initiative in anever-changing world that Kowa vows to carry forward through each generation.
ProEthic is a specialty pharmaceutical company focused primarily in theareas of cardiology, pain and migraine. Founded in 2001, the privately heldcompany focuses its efforts on the acquisition, development, licensing, andmarketing of pharmaceutical products. Its lead product, Lipofen(R), isindicated as adjunctive therapy to diet to reduce elevated triglycerides andto increase HDL-C in adult patients with primary hypercholesterolemia or mixeddyslipidemia.
SOURCE ProEthic Pharmaceuticals, Inc.