12:00 AM
 | 
Jun 10, 2002
 |  BioCentury  |  Strategy

The attractions of mid-sized pharma

ActivX Biosciences Inc. may have flown below the radar in signing a worldwide drug discovery deal in Type II diabetes with Kyorin Pharmaceutical Co. Ltd. But while Kyorin is among Japan's smaller pharma players, the company discovered the first fluoroquinolone, norfloxacin, in 1978, and has aggressive partnering ambitions in both North America and Europe.

Kyorin, founded in 1923, manufactures and sells prescription and OTC drugs, diagnostics and industrial chemicals. It posted a net profit of Y3.1 billion ($24.9 million) for its fiscal year ended March 31, 2001, on revenues of Y61.2 billion ($492 million) and is projecting fiscal 2002 sales of Y62.4 billion ($502 million).

Last week's deal with ActivX (La Jolla, Calif.) fits Kyorin's decision in 2000 to make two changes to its business model. First,...

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