05 April 2013 13:05 [Source: ICIS news]
LONDON (ICIS)--Japan-based fibres specialist Teijin Ltd announced on Friday that it has acquired a 10% stake in Kyorin Holdings, a Japanese pharmaceuticals and healthcare specialist.
The company acquired the stake through the purchase of 7.59m shares from an unnamed Kyorin shareholder, Teijin added. Teijin and that shareholder have also agreed to pool the voting rights conferred by their combined shares in the company, giving them over 20% of Kyorin’s outstanding shares.
Kyorin shares were trading at Japanese yen (Y) 2,315 ($24.07) at the close of play in Tokyo on Friday, which would put the value of the transaction at up to $182m.
Teijin added that it expects to use the share acquisition as a means of establishing a strategic partnership between itself and Kyorin, focusing on research and development, production, sales and distribution.
“Healthcare is one of the growth drivers in the Teijin group's medium- to long-term management vision. Going forward, Teijin intends to increase its competitiveness through various measures such as reinforcing its drug development pipeline, enhancing production efficiency and expanding into new healthcare fields,” the company said in a statement.
($1 = Y96.17)
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