Daiichi Pharmaceutical to buy out joint venture from Suntory

By Jennifer Chiou

New York, Sept. 14 - Daiichi Pharmaceutical Co., Ltd. said it entered into an agreement with Suntory Ltd. to purchase all Suntory's holdings of Daiichi Suntory Pharma Co., Ltd. stock.

The transaction will occur on Sept. 15.

Daiichi said it will make Daiichi Suntory its wholly owned subsidiary and it will also underwrite a ¥20 billion third-party share placement to be made by Daiichi Suntory on Sept. 27.

On Sept. 28, the company plans to form Daiichi Sankyo Co., Ltd., a joint holding company with Sankyo Co., Ltd.

The company also noted Daiichi Suntory will change its name to Daiichi Asubio Pharma Co., Ltd. on Oct. 1.

Based in Tokyo, Daiichi Pharmaceutical develops prescription drugs, over-the-counter treatments and animal health products.

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