Japan CRO Fuji Biomedix Applies For Bankruptcy Protection
This article was originally published in PharmAsia News
Executive Summary
Tokyo-based contract research organization Fuji Biomedix applied for bankruptcy protection Oct. 14. The company has a debt of ¥21.8 billion. In 2006, the company entered purchased several companies. However, the rapid expansion also resulted in a ¥15 billion loan from 21 banks. This September, the company found its profit dropping and lacked the ability to get new loans. The biggest shareholder of the company, Toho Yakuhin, has agreed to take over Fuji's pharmacy business Fuji Family Pharmacy and its 81 drug stores. Japanese CRO Association President Katsuo Nakamura commented that the bankruptcy application will not affect the strong growth of CRO business in Japan. (Click here for more - Japanese language