Daiichi Sankyo Set Up to Own Daiichi Pharmaceutical, Sankyo
Posted on: Wednesday, 28 September 2005, 12:00 CDT
By Kyodo News International, Tokyo
Sep. 28--TOKYO -- Daiichi Pharmaceutical Co. and Sankyo Co. on Wednesday set up Daiichi Sankyo Co. as a joint holding firm to develop into Japan's second-largest drug maker.
Daiichi Sankyo said it will enhance the development of new drugs, achieve the industry's most efficient business management and build on its position in the Japanese market and its firm presence in the global market to boost profit and maximize its corporate value.
Former Sankyo President Takashi Shoda took up the presidency of the holding company.
Daiichi and Sankyo plan to consolidate their non-prescription drug businesses in Japan, U.S. and European marketing, research and development operations by April 2006 and integrate their mainstay prescription drug operations by April 2007.
Daiichi Sankyo, which was listed on the Tokyo, Osaka and Nagoya stock exchanges Wednesday, said it expects to earn 71 billion yen in consolidated net profit on 894.5 billion yen in sales in fiscal 2005.
Dividends for the current fiscal year to next March 31 are planned at 50 yen per share, including 25 yen to be paid out to Daiichi and Sankyo shareholders for the first half of the year.
The projected group sales indicate that Daiichi Sankyo will tie with Astellas Pharma Inc. to make it the second-largest Japanese drug maker after Takeda Pharmaceutical Co., which posted 1.12 trillion yen in group sales for fiscal 2004. Astellas Pharma was set up from a merger between Yamanouchi Pharmaceutical Co. and Fujisawa Pharmaceutical Co. last April.
Moody's Investors Service said Wednesday it has affirmed the individual A1 issuer ratings of Daiichi and Sankyo and left their rating outlook unchanged at stable.
The U.S. credit-rating agency said the integration could improve the position and competitiveness of Daiichi and Sankyo as a combined entity in the Japanese market.
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Copyright (c) 2005, Kyodo News International, Tokyo
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Source: Kyodo News International, Tokyo
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