Wednesday, Jul 1, 1987
South San Francisco, Calif. -- July 1, 1987 --Genentech, Inc. and Mitsubishi Chemical Industries, Ltd., Japan's largest chemical company, today jointly announced the signing of a five-year agreement that provides for the exchange of marketing rights and for collaboration in research and product development for human pharmaceuticals.
The agreement provides that Genentech's research products will be commercialized in Japan by Mitsubishi. In the United States and Canada, Mitsubishi has selected Genentech to commercialize all future Mitsubishi biotechnology products, and specified non-biotechnology research products."This alliance is enhanced by the pharmaceutical research strengths of Mitsubishi, its substantial investment in biotechnology, and our long-standing and successful relationship," said Robert A. Swanson, chief executive officer of Genentech. "It constitutes a major step in our long-term strategy for establishing a presence in Japan. We are pleased to have Mitsubishi representing our products in such a meaningful way in Japan." A committee of top-ranking research officers of each company will designate product areas and explore opportunities where joint research efforts can capitalize on the technologies and unique strengths of the two partners.
"Genentech brings outstanding state-of-the-art recombinant DNA technology to this collaboration, thus expanding the innovative and beneficial alliance that already exists with Mitsubishi," said Seiji Suzuki, president of Mitsubishi."In our current associations on human serum albumin, t-PA and hepatitis-B vaccine, we have established a foundation on which we expect this new agreement to flourish"Mitsubishi Chemical Industries Ltd., based in Tokyo, Japan, has expanded its specialty chemical business to include pharmaceutical, food processing and environmental protection divisions. Genentech is a leading biotechnology company, focusing on the development, manufacture and marketing of pharmaceuticals produced by recombinant DNA technology.
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