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April 22, 2004

Suspension of Co-development

Taisho Pharmaceutical Co., Ltd. (hereinafter "Taisho", President: Akira Uehara) and Abbott Japan Co., Ltd. (hereinafter "Abbott Japan", Head office: Minato-ku, Tokyo, President: Holger A. Liepmann) decided to suspend co-development between two companies of ketoride antibacterial agent, ABT-773.
The decision was made for the reason that development of ABT-773 abroad was already interrupted in Abbott Laboratories (hereinafter "ABBOTT", Head office: Illinois, U.S.A., CEO: Miles D. White) and under considering the development strategy and priority among our prescription pharmaceutical business.

In 1985, Taisho executed license agreement of macrolide antibiotics "Clarith®" (generic name: clarithromycin), which was developed in Taisho, with ABBOTT and currently ABBOTT is selling it under the name of "Biaxin®", "Klaricid®" etc. in over 90 countries including Japan.
Furthermore, in 1997, the two companies executed research and license agreement of new generation macrolide antibacterial agents, and were co-developing ABT-773, which was the result of co-research, in both Taisho and ABBOTT. (Phase-II at present)

Taisho aims to expand the prescription pharmaceutical business, and we are accomplishing steadily. From 1995, Taisho has been strengthening the R&D organization for creation of our original new drugs. In the second half of 2003, three projects have entered into Phase I, and Taisho plans to start Phase I studies of several new projects this year as well. Furthermore, Taisho has been co-operating with Toyama Chemical Co., Ltd. under a partnership for antibacterial agents.

Maintaining a good relationship with ABBOTT, Taisho has decided to suspend co-development of ABT-773 to keep a balance of our business, and to manage our research and development speedy and efficiently.