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MarketScreener Homepage  >  Equities  >  Tokyo  >  Sumitomo Dainippon Pharma Co Ltd    4506   JP3495000006

SUMITOMO DAINIPPON PHARMA CO LTD

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Sumitomo Dainippon Pharma : investing $3 billion in Swiss Roivant in overseas push

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09/06/2019 | 02:55am EDT

TOKYO (Reuters) - Japan's Sumitomo Dainippon Pharma Co will pay $3 billion for a 10% stake in Swiss drugmaker Roivant Sciences Ltd and interests in five of its biopharmaceutical businesses, the two companies said on Friday.

The deal, which will open up new drug lines for Sumitomo Dainippon, will also give it the option to acquire interests in an additional six businesses, as well as access to Roivant's technology platforms, they said in a statement.

It comes as Sumitomo Dainippon's schizophrenia treatment Latuda is due to lose its U.S. market exclusivity in 2023. The Japanese company will take ownership of Roivant units that develop treatments for prostate cancer, urinary diseases, paediatric illnesses and respiratory diseases, they said.

"We look forward to deepening our relationship with Roivant, which has a rich development pipeline, technology platforms, and distinctive talents," Sumitomo Dainippon CEO Hiroshi Nomura said in the statement.

Like its rivals, Japan's seventh-largest pharma company by revenue, is grappling with a declining population at home and a need to go abroad to find growth.

While the bulk of Japanese drug firms have been largely cautious about overseas acquisitions, there are signs of change. Takeda Pharmaceutical this year completed a $59 billion purchase of Shire Plc, catapulting it into the list of the world's top 10 drugmakers by sales - a rarity for a Japanese pharma company.

A fifth Roivant business unit will also be transferred before the deal's conclusion, the two companies said.

The 11 businesses include more than 25 clinical programs with multiple product launches expected between 2020 and 2022, they said.

Shares of Sumitomo Dainippon finished up 1.7% at 1,800 yen on Friday.

(Reporting by Rocky Swift; Editing by David Dolan and Muralikumar Anantharaman)

By Rocky Swift

Stocks mentioned in the article
ChangeLast1st jan.
SUMITOMO DAINIPPON PHARMA CO LTD 1.08% 1871 End-of-day quote.-44.89%
TAKEDA PHARMACEUTICAL CO LTD 1.09% 3798 End-of-day quote.4.92%
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Financials (JPY)
Sales 2020 473 B
EBIT 2020 87 760 M
Net income 2020 46 774 M
Finance 2020 140 B
Yield 2020 1,50%
P/E ratio 2020 15,9x
P/E ratio 2021 14,8x
EV / Sales2020 1,28x
EV / Sales2021 1,14x
Capitalization 743 B
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Mean consensus UNDERPERFORM
Number of Analysts 8
Average target price 1 883,75  JPY
Last Close Price 1 871,00  JPY
Spread / Highest target 71,0%
Spread / Average Target 0,68%
Spread / Lowest Target -25,2%
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Managers
NameTitle
Hiroshi Nomura President & Representative Director
Masayo Tada Chairman
Yoshiharu Ikeda General Manager-Research Technology
Nobuyuki Hara Director, Executive Officer & GM-Development
Hitoshi Odagiri Director, Managing Executive Officer & GM-Sales
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