Taisho reportedly eyeing $1.6bn UPSA acquisition
Japanese pharmaceutical firm Taisho Pharmaceutical Holdings is seeking to acquire UPSA from New York-based Bristol-Myers Squibb, according to Bloomberg
The deal for the over the counter drugs business is worth around US$1.6bn, Bloomberg reported its sources close to the matter as saying, and there is a strong possibility of an official announcement of the agreement before Christmas.
Reuters reported in November that Germany’s Stada and Italy-based Angelini were involved in the bidding process for UPSA.
This high-value deal follows that of fellow Japanese pharmaceutical firm Takeda, which in November won European approval for its $62bn takeover of American biotechnology company Shire.
Reuters noted that the Shire acquisition will enable Takeda to become a top 10 global drug manufacturer.
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A number of Japanese firms are aggressively pursuing overseas acquisitions to mitigate their reliance on the stability of Japan’s economy and industrial markets.
Japan Post Holdings, for example, is currently in discussions with American insurance provider Aflac for a minority stake in the firm worth around $2.6bn.
Additionally, it was announced on 17 December that IT conglomerate Hitachi is set to acquire Swiss-Swedish automation firm ABB’s power grids business for an estimated $6.2bn.
Bloomberg added that Taisho and Bristol-Myers have done business before, with Taisho having bought Bristol-Myers’ APAC over the counter business, minus its Chinese and Japanese operations, for $310mn in 2009.