Tuesday, September 2, 2008

Japan's Shionogi to Acquire Sciele Pharma for $1.42B

Japan's Shionogi & Co. has planned to acquire Sciele Pharma Inc. of the United States at a cost of $1.42 billion, the latest foray by a Japanese drug manufacturer into overseas territory.

Japanese drug manufacturers are expanding overseas at a time when a shrinking population is darkening their domestic sales prospects. Undoubtedly, establishing additional overseas sales infrastructure has become an urgent priority for Shionogi in its pursuit of sustained growth in the mid to long term.

Shionogi plans to buy a 100-percent stake in the company through a cash tender offer of 31 dollars per Sciele share. Shionogi aims to turn the Atlanta-based company into a wholly owned subsidiary. The boards of directors of the two companies have approved the deal. Moreover, Shionogi was preparing for aggressive clinical development overseas through its United States subsidiary as it strengthens its lineup of products in the pipeline.

In June, Daiichi Sankyo Co. has announced a deal to acquire a majority stake in India's top drug company Ranbaxy Laboratories for up to $4.6 billion. In addition, In April, Takeda Pharmaceutical Co. had agreed to buy a biotech company, Millennium Pharmaceuticals Inc. of the United States at a cost of $8.8 billion.

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