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| February 5, 2003 |
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| Mitsubishi Chemical Corporation announces merger of three clinical diagnostic subsidiaries |
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TOKYO, JAPAN (January 23, 2003) - Mitsubishi Chemical Corporation announced today that three of its health care subsidiaries would be merged on July 1, 2003. The three companies concerned are Iatron Laboratories, Inc., Dia-Iatron Co., Ltd., and Mitsubishi Kagaku Medical, Inc., all of which are involved in the clinical diagnostic industry. The estimated total assets of the new company, Mitsubishi Kagaku Iatron, Inc., will be around 13 billion yen. The new company will concentrate on development, production, import, and sales of clinical diagnostic reagents, diagnostic instruments, reagents, etc.
In 1962, Iatron Laboratories launched "Blood Serum Transaminase Measuring Reagent," the first domestically produced reagents for testing liver functions.
In 1981 Iatron and the Mitsubishi Chemical Corporation jointly developed reagents for LPIA, an immune serum analyzing system. LPIA enabled simple, quick, and precise analysis for infectious diseases, cancer, and other diseases. The two companies then formed Dia-Iatron, a 50-50 joint venture assigned the task of marketing and sales in Japan. Today, Dia-Iatron supplies state-of-the-art clinical diagnostic equipments and reagents to hospitals, reference laboratories, and institutions throughout Japan.
Mitsubishi Kagaku Medical, on the other hand, has been involved in clinical diagnostics since 1976, and now covers several international markets as well as Japan, importing and exporting several diagnostic reagents.
"As with pharmaceuticals, the diagnostics industry is seeing unprecedented competition," said Kouhei Umedu, Executive Officer, General Manager of Health Care Planning Dept, Mitsubishi Chemical Corporation. "National policies are aiming at curtailing medical expenses, and competitive companies from overseas are entering the market in record numbers. Our aim, in merging these three companies, is to gain efficiencies of scale and retain a viable share of the market."
Strengthening the Mitsubishi Chemical Corporation Group of Companies in terms of health care also aims at emerging human genome-related fields, future tailor-made medications, and a much greater emphasis on preventive medicine. Within the Group, the new company will work to become the second pillar of the health care segment, following pharmaceuticals.
| For further information, please contact |
| Public Relations and Investor Relations Dept., |
| Mitsubishi Chemical Corporation |
| Tel: [+81]-(0)3-3283-6274 |
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