Ping An takes 10% stake in Tsumura

Source:Reuters Published: 2017/9/24 20:42:16

Japanese drugmaker Tsumura & Co said on Friday Ping An Insurance Group Co of China will become its biggest shareholder by acquiring a 10 percent stake for 27.3 billion yen ($243.7 million).

In a statement, Tsumura, which has annual revenue of about $980 million, said it will place newly issued shares and treasury stock to Ping An for 3,559.5 yen a share, a 9.4 percent discount to Friday's closing price.

The deal is set to close on October 13, the company said.

Tsumura said the two companies plan to set up joint ventures in the procurement of herbal medicine materials, production and sales of traditional Chinese medicine in China.

Posted in: COMPANIES

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