Japan's Mitsubishi Tanabe plans big push in U.S. sales

Japan's Mitsubishi Tanabe Pharma plans to spend more than $1.6 billion as part of a "medium-term business plan" to grow its new-drug sales in the United States and may use mergers and acquisitions to expand its footprint there.

"We will develop sales channels utilizing such approaches as mergers and acquisitions and we project sales of approximately 80 billion yen ($650 million) in the U.S. in fiscal 2020," President Masayuki Mitsuka said at a news conference, according to a report by Nikkei News.

At the news conference, the company said that its plans for the American market include selling treatments for amyotrophic lateral sclerosis and a flu vaccine that is currently under development.

The company also told reporters that it hoped to top $4 billion in global group sales for the 2015 fiscal year and make overseas sales at least 40% of its total.

- here's the story from Nikkei

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