Japanese Firm Invests in S.D. Drug Maker

Tanabe Seiyaku Co., a Japanese pharmaceutical company, has signed a letter of intent to make a $7.6-million equity investment in Immunetech Pharmaceuticals, Immunetech President Gordon Ramseier said Tuesday.

Immunetech, which is developing anti-allergy drugs, will use the money to develop products of “mutual interest” to the two companies, Ramseier said.

Tanabe, a 300-year-old pharmaceutical firm, reported $1.4 billion in 1987 revenue. If the agreement is completed, Tanabe would hold less than 10% of Immunetech, a privately held, San Diego-based biotechnology company.

Tanabe previously had entered joint ventures with Marion Laboratories and Germany’s E. Merck Co., Britain’s Glaxo Group and France’s Rhone-Poulenc.

The proposed agreement would give Tanabe exclusive Asian marketing rights to certain Immunetech products. Immunetech would gain access to some of Tanabe’s products for sale in the rest of the world, Ramseier said.

Tanabe and Immunetech’s agreement will focus on Immunetech’s first two products--an anti-allergy nasal spray and a drug that could be used to treat such diseases as multiple sclerosis and rheumatoid arthritis.

Immunetech is developing genetically engineered products that regulate the body’s immune system. Those products are expected to help the body cope with allergies and diseases that occur when the immune system breaks down.

Tanabe discovered diltiazem, a drug that is used to treat cardiovascular disease. It is sold in the United States under the brand name Cardizem.