Hitachi Chemical Company, Ltd. (TSE:4217) entered into agreement to acquire 66.6% stake in Kyowa Medex Co. Ltd from Kyowa Hakko Kirin Co., Ltd. (TSE:4151) on September 29, 2017. As per the terms of agreement Hitachi Chemical Company, Ltd. will acquire 0.35 million shares from Kyowa Hakko Kirin Co., Ltd. Kyowa Hakko Kirin retains a put option and Hitachi Chemicals retains a call option for the remaining 33.4% of Kyowa Medex's shares owned by Kyowa Hakko Kirin to Hitachi Chemical after approximately 3 years from the date of the closing of the share transfer. In a related transaction Kyowa Hakko Kirin and Hitachi Chemical also agreed that Hitachi Chemical will transfer its development, manufacturing and sales businesses of diagnostics to Kyowa Medex. Kyowa Medex Co. Ltd reported net assets of ¥ 8 billion, total assets of ¥12.9 billion, net sales of ¥12 billion, operating income of approximately ¥750 million and net income of approximately ¥570 million. The transaction is expected to close on January 4, 2018.

Hitachi Chemical Company, Ltd. (TSE:4217) completed acquisition of 66.6% stake in Kyowa Medex Co. Ltd from Kyowa Hakko Kirin Co., Ltd. (TSE:4151) on January 4, 2018.