Parsippany, NJ, April 5, 2006 -- Law firm Morrison & Foerster advised Sankyo Pharma Inc. and assisted both companies on the mergers of the U.S. subsidiaries of two of Japan's largest pharmaceutical companies, in multi-billion dollar transactions that closed on March 31, 2006.
The deal brings together the U.S. divisions of Daiichi Pharmaceutical Co., Ltd., and Sankyo Company, Limited, creating a new combined company, Daiichi Sankyo, Inc. Daiichi Pharmaceutical Co., Ltd., and Sankyo Company, Limited, are subsidiaries of the second largest pharmaceutical company in Japan, Daiichi Sankyo Company, Limited.

Daiichi, whose roots go back to 1915 in Tokyo, has U.S. operations in Madison and Montvale, NJ. The company conducts clinical research and produces a variety of treatments for oncology, anti-infection, and general internal medicine.

Sankyo, whose U.S. base is in Parsippany, NJ, is also more than a century old. The company's product line focuses on treatment of cardiovascular disease, as well as medications for diabetes and hypertension.

Morrison & Foerster represented Sankyo Pharma Inc. and assisted both companies in the merger and integration of operations, reflecting the firm's longstanding work on behalf of leading Japanese companies.

The transaction, directed by Morrison & Foerster's New York office, involved partners Michiko Ito Crampe and Michael Braun and of counsel Taeko Yamamoto. The rest of the team included corporate associates Alexis Coppedge, Kerry Acocella, and Graig Solow.

Partner Michiko Ito Crampe stated that "the mergers were a reflection of the rapid consolidation of the Japanese pharmaceutical industry as it faced increased global competition." Michael Braun, head of Morrison & Foerster's New York corporate finance group, added: "The mergers demonstrated that the growth and success in the U.S. market is critical to Japanese pharmaceutical companies and Sankyo and Daiichi, with their complementary strengths and products, are now better suited to meet challenges facing them in the United States."