TOKYO (Reuters) -Japanese drugmaker Shionogi said on Wednesday that it will acquire Torii Pharmaceutical, a subsidiary of Japan Tobacco, for more than 150 billion yen ($1.05 billion). Shionogi plans to acquire 54.84% of Torii’s voting rights from Japan Tobacco for 70.3 billion yen and launch an 80.7 billion yen tender offer for the company’s minority […]
Health
Drugmaker Shionogi to buy Japan Tobacco’s unit Torii Pharmaceutical for $1 billion
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TOKYO (Reuters) -Japanese drugmaker Shionogi said on Wednesday that it will acquire Torii Pharmaceutical, a subsidiary of Japan Tobacco, for more than 150 billion yen ($1.05 billion).
Shionogi plans to acquire 54.84% of Torii’s voting rights from Japan Tobacco for 70.3 billion yen and launch an 80.7 billion yen tender offer for the company’s minority shareholders at 6,350 yen per share, representing a 21% premium over Torii’s previous closing price.
Torii welcomed Shionogi’s offer and will recommend shareholders tender their shares.
Shares of Torii rose 6.7% to 5,580 yen by Wednesday’s close, with trading briefly halted on the Tokyo Stock Exchange after the Nikkei reported the Shionogi deal in the afternoon.
($1 = 142.9700 yen)
(Reporting by Kantaro Komiya; Editing by Chang-Ran Kim and Sherry Jacob-Phillips)