By: IPP Bureau
Last updated : September 02, 2021 11:50 am
The company has been sold to Shinshin Pharmaceuticals
Sun Pharmaceutical Industries has announced the sale of Kayaku Co. Ltd, a wholly-owned subsidiary of Sun Pharma Japan, a step-down subsidiary of the company. Sun Pharma Japan sold its entire shareholding in Kayaku Co. Ltd. to Shinshin Pharmaceutical Co., Ltd. for a total consideration of JPY 353,983,400. Thus Kayaku Co. has ceased to be the subsidiary of the company effective today.
Shinshin Pharmaceutical is a Japan-based pharmaceutical company with its office at 324 Imaich, Toyama City, Toyama 930-2224 Japan. The buyer does not belong to the promoter/promoter group/group companies, and the transaction does not fall within the purview of related party transactions.
The subsidiary company, Kayaku Co. whose entire shareholding is sold to the buyer comprised a factory at Tokorozawa and its related assets and liabilities. It is engaged in the business of manufacturing pharmaceutical products for external pharmaceutical companies.
The other business of Kayaku Co. comprising the Saitama Factory and products manufactured there were carved out of Kayaku Co. Ltd with effect from September 2021 and transferred to Sun Pharma Japan Technical Operations Limited, a new subsidiary of Sun Pharma Japan set up for the purpose.
The turnover and net worth contributed by Kayaku Co. to the extent of Tokorozawa factory and products manufactured there at, during the last financial year i.e. FY 20-21 was about JPY 1,933 million and about JPY 1,650 million respectively, which translates to less than 0.5% of the consolidated turnover and consolidated net worth of the company respectively.