Sawai Pharmaceutical to cut conversion price on convertibles due 2015

By Marisa Wong

Madison, Wis., May 17 - Sawai Pharmaceutical Co., Ltd. gave notice that the conversion price of its ¥30 billion zero-coupon convertible bonds due 2015 will be adjusted to ¥9,438.9 per share from ¥9,497.8 per share.

The price adjustment will be effective retroactively to April 1.

The adjustment follows from a proposed distribution of ¥140 per share to shareholders of record as of March 31. The distribution and the adjustment are subject to shareholders' approval at a general meeting to be held on June 22.

Based in Osaka, Japan, Sawai Pharmaceutical specializes in generic drugs.

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