Tanabe in takeover talks with Mitsubishi

Japan's Mitsubishi Pharma and Tanabe Seiyaku are in the final stage of hammering out a merger agreement, creating the country's sixth largest drug developer. If the deal goes through, according to press reports, Tanabe would take control of Mitsubishi with the parent company, Mitsubishi Chemical, controlling more than 50 percent of its shares. Tanabe has concentrated on research and development work while Mitsubishi is known for drugs for CNS and circulatory ailments.

The drug world is being reshaped by a huge wave of buyouts, and Japan is no exception. With its unique approach to drug approvals, though, Japanese developers have often acted independently of the rest of the global industry.

- here's the AFX report for more information

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