MediPal Holdings Corporation (TSE:7459) entered into a Share Purchase agreement to acquire Sumitomo Pharma FOOD & CHEMICAL Co., LTD. from Sumitomo Pharma Co., Ltd. (TSE:4506) on November 30, 2022. MediPal Holdings will acquire all the 2 million shares in Sumitomo Pharma FOOD. Sumitomo Pharma FOOD has generated net assets of ¥18,092 million, net sales of ¥33.497 million and total asset of ¥24.818 million for the fiscal year ended March 31, 2022.

The execution of the Share Transfer is subject to regulatory approval under the Act on Prohibition of Private Monopolization and Maintenance of Fair Trade (Act No. 54 of April 14,1947) and the satisfaction of other closing conditions. The transaction is expected to complete with the fiscal year 2022.