22 October 2007 10:58 [Source: ICIS news]
TOKYO (ICIS news)--Kirin Holdings Co, Japan’s biggest brewer, plans to purchase drugmaker Kyowa Hakko Kogyo Co to increase growth, synergies and competitive edge in the companies’ pharmaceutical segments, the companies said in a joint statement on Monday.
The companies signed a strategic partnership agreement on the basis that Kirin Pharma, ?xml:namespace>
The ratio of exchange would be 8,862 shares of Kirin Pharma per share of Kyowa Hakko, the companies said, adding Kyowa Hakko would issue a total of Y117.24m of shares. Kirin Pharma will be a wholly-owned subsidiary of Kyowa Hakko.
The new company will be named Kyowa Hakko Kirin Co and would start operating on 1 October, 2008 after completion of the integration process, the companies said.
($1 = Y114)
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