Takeda says won't bid for Solvay pharma unit

TOKYO Fri May 29, 2009 7:31am EDT

Belgium's Christian Jourquin, chief executive officer of Belgian drug and chemicals maker Solvay, presents the annual results of the company in Brussels February 19, 2009. REUTERS/Thierry Roge

Belgium's Christian Jourquin, chief executive officer of Belgian drug and chemicals maker Solvay, presents the annual results of the company in Brussels February 19, 2009.

Credit: Reuters/Thierry Roge

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TOKYO (Reuters) - Takeda Pharmaceutical Co, Japan's largest drugmaker, said it would not bid for the pharmaceutical unit of Belgian chemicals, plastics and drugs company Solvay SA.

Solvay is set to receive a range of proposals for its pharmaceutical unit by Friday's deadline for indicative bids and Takeda was thought to be among the likely bidders, people familiar with the matter had told Reuters.

A Takeda spokesman said the company was not considering a bid for the unit.

Analysts have said the business, whose research focuses heavily on cardiometabolic and neurological treatments, could fetch 5 billion euros ($7 billion) or more.

(Reporting by Yumiko Nishitani and Nathan Layne)

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