(C) Reuters. FILE PHOTO: Takeda Pharmaceutical’s logo is seen at its headquarters in Tokyo
TOKYO (Reuters) – Takeda Pharmaceutical Co said on Monday it has agreed to sell its Japanese consumer healthcare business to U.S. investment fund Blackstone Group (NYSE:BX).
Takeda Consumer Healthcare Company, which makes over-the-counter (OTC) drugs and health products, is valued at 242 billion yen ($2.29 billion) and the sale price will be determined after calculating its debt and other factors, Takeda said.
Japan’s largest pharmaceuticals company has been reducing its OTC assets worldwide as it seeks to refocus its business and reduce debt following its $59 billion acquisition of Shire.
Blackstone was among the final bidders for the OTC unit, Reuters reported in June, along with Bain Capital, CVC Capital Partners and Taisho Pharmaceutical Holdings Co Ltd.
Takeda said proceeds from the sale would boost its net profit by 105 billion yen. The transaction is expected close by March 31, subject to regulatory closing conditions, it said.
The deal follows Blackstone’s acquisition of Japan’s Ayumi Pharmaceutical Corp for $1 billion in March 2019.
Takeda to sell Japan consumer health unit valued at $2.3 billion to Blackstone
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.