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ProStrakan takeover moves a step closer

Japanese conglomerate Kyowa Hakko Kirin has bought one share in ProStrakan, taking it a step closer to completing a takeover

Kyowa Hakko Kirin (KHK), the Japanese conglomerate, has bought one share in the Scottish specialist pharmaceuticals company ProStrakan, taking it a step closer to completing a takeover.

Tokyo-based KHK is aiming to buy ProStrakan in a bid to grow its oncology drug business outside of Japan. However, under takeover rules, it must own at least one share to complete the "scheme of arrangement" and transfer the ownership of the company.

ProStrakan, which has its headquarters in Galashiels and employs about 70 of its 300 staff in Scotland, has a number of drugs in key global markets including Sancuso, a novel skin patch for the prevention of chemotherapy-induced nausea and vomiting, and cancer pain treatment Abstral (fentanyl). 

ProStrakan's board has supported KHK's £292m approach unanimously.

31st March 2011

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