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Sosei creates holding company, changes affiliates' names, halts development of SOU-001
By E. Janene Geiss
Philadelphia, May 15 - Sosei Co. Ltd. announced Monday that the Sosei Group will reorganize its company structure by creating a holding company effective Oct. 1.
The company also said it will rename its affiliates to unify corporate identification and it would discontinue development of its stress urinary incontinence project, SOU-001.
Company officials said the reorganization was approved at a board meeting held May 15 and will become effective subject to shareholder approval at the forthcoming annual general meeting slated for June 23.
Sosei said it is establishing itself as a global biopharmaceutical company. Following the restructuring, the company will be comprised of four main entities - Sosei Group Corp., responsible for corporate matters; Sosei Co. Ltd., responsible for Japanese operations - specialty sales and marketing and product development in Japan; Sosei R&D Ltd., responsible for worldwide discovery and "rest of world" development; and Sosei Inc., responsible for U.S. operations.
The company said its affiliate, Arakis Ltd. based in Essex, England, would take the name Sosei R&D Ltd., effective June 1. Its New York affiliate, Kosei Ltd., was renamed to Sosei Inc., effective April 28, officials said.
The company also said that it was discontinuing the development program for its stress urinary incontinence project SOU-001 after recruitment of patients in its phase 2a trial was more difficult than anticipated. A subsequent review of future development requirements led the company to discontinue the project, officials said.
Based on an ongoing review of the product pipeline, Sosei said it decided SOU-001 would no longer be a priority project for internal development resources.
Sosei is a Tokyo-based biopharmaceutical company.
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