Japan’s SMBC joins JV to support drug discovery start-ups

The bank will own 33.2% of the JV company, which will be established mid-2024.

Sumitomo Mitsui Banking Corporation (SMBC) has entered into an agreement with Takeda Pharmaceutical Company and Astellas Pharma to establish a joint venture (JV) to support early drug discovery programs.

The JV, with the name yet to be determined, aims to create high caliber start-up companies in Japan, with the goal of incubating “globally competitive drug discovery technology and fostering entrepreneurship,” the three companies said in a joint press release.

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SMBC will own 33.2% of the JV, whilst Takeda and Astellas will own 33.4% each.

The JV is expected to be established in mid-2024, with a starting capital of approximately JPY600m.

Toshio Fujimoto, who is currently the president and representative director of the iPark Institute Co. Ltd, will serve as CEO of the JV. The JV will also be headquartered on Shonan Health Innovation Park at Fujisawa, Kanagawa, Japan.