Nitto Americas Has Agreed to Acquire Elan Transdermal Technologies, Inc.

    MIRAMAR, Fla.--July 3, 2003--Nitto Americas, Inc., the U.S. subsidiary of Nitto Denko, has agreed to acquire 100% of the stock of Elan Transdermal Technologies, Inc. ("ETT"), a wholly-owned subsidiary of Elan Corporation, plc , a fully integrated biopharmaceutical company headquartered in Dublin, Ireland.
    ETT is a fully-integrated transdermal research, development and manufacturing company that offers proprietary and generic controlled-release transdermal products for a wide range of therapies, utilizing a number of sophisticated technologies. The company offers a full range of pharmaceutical services, from research and development to scale-up and commercial manufacturing in an FDA registered facility, and currently employs 110 associates all of whom will be offered employment with the new company.
    Nitto Denko Corporation is one of the world's leading producers and developers of transdermal drug delivery systems, featuring a proprietary drug delivery system and multiple patent-protected technologies. The company has particular expertise in the areas of adhesive formulation and patch development.
    "We took a leading position in transdermal drug delivery technology in the early 1980's," said Hideki Yamamoto, Chairman of Nitto Denko Corporation. "Then, we developed and honed the technology, earned the leading share in the Japanese market and became one of the world leaders in transdermal drug delivery systems. Our goal with this combination is to enhance our leadership position by fusing our unique transdermal drug delivery platforms and developmental strengths with ETT's U.S. based manufacturing presence, regulatory expertise, patent portfolio and broad technology platforms."
    "This acquisition represents a significant milestone in our strategy to integrate leading edge technologies in the medical field," noted Bill Hayes, CEO of Nitto Americas. "We remain committed to improving the quality of medical care by developing and manufacturing a variety of transdermal drug delivery systems for new areas of treatment. ETT is an excellent fit because it is a sophisticated operation with a solid group of professional people and high quality equipment. Together, we can cost-effectively deliver the highest quality transdermal drug delivery systems to our pharmaceutical company customers throughout the world."
    Founded in 1918, Nitto Denko, headquartered in Osaka, Japan, is a $3.5 billion global manufacturing leader focused in specialty markets with its primary focus in the medical, automotive and electronics sectors. The company employs nearly 10,000 people at its manufacturing locations and sales offices in North and South America, Europe, Australia, Japan, China and other Asian locations. Nitto Denko is traded on the Tokyo Stock Exchange, First Section; the Osaka Stock Exchange, First Section; and the Nagoya Stock Exchange, First Section.
    With the acquisition of ETT, Nitto Americas will generate a forecasted $400 million in annual revenue, has 1,700 employees in the U.S. and $280 million in assets. The company focuses on the automotive, electronics, medical, membrane, electrical, industrial, bonding, and retail and industrial identification industries. The Nitto Americas family of companies includes Permacel headquartered in New Brunswick, NJ; Permacel Automotive, the recently acquired Acoustiseal, in Kansas City, MO; Hydranautics in Oceanside, CA; Graphic Technology, Inc. in New Century, KS; and Nitto Denko America in Fremont, CA.