Towa Pharmaceutical Co., Ltd. (TSE:4553) agreed to acquire Sunsho Pharmaceutical Co., Ltd. from Carlyle Japan Partners III, a fund managed by The Carlyle Group Inc. (NasdaqGS:CG) for ¥47.7 billion on December 17, 2021. Towa Pharmaceutical will acquire 179,969 shares of Sunsho. Sunsho Pharmaceutical reported net assets as ¥14.9 billion, total assets as ¥29.1 billion, net sales as ¥22.9 billion, operating profit as ¥2.1 billion and net income as ¥1.1 billion for the period end on December 31, 2020.

The transaction has been resolved by the board of directors on December 17, 2021. The transfer of the shares is scheduled to take place after the completion of the procedures stipulated in the Act on Prohibition of Private Monopolization and Maintenance of Fair Trade (Antimonopoly Act). The transaction is expected to close on March 7, 2022.

The transaction is expected to be completed in February of 2022. BofA Securities acted as financial advisor to Carlyle.