Taisho Pharmaceutical Holdings Co., Ltd. (TSE:4581) executed a share exchange agreement to acquire remaining 37% stake in Biofermin Pharmaceutical Co., Ltd. (TSE:4517) from a group of sellers for ¥14.8 billion on May 14, 2021. Under the terms, Taisho will issue 0.5 shares for each shares. Transaction is subject to approval from shareholders of Taisho and Biofermin.

Board of Directors of Taisho and Biofermin. Transaction is expected to complete on July 30, 2021. Taisho HD appointed SMBC Nikko Securities as its third-party valuation agent.

SMBC Nikko Securities Inc. acted as a financial advisor to Taisho Pharmaceutical.