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| Wednesday, 16 August 2023, 08:00 HKT/SGT | |
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HONG KONG, Aug 16, 2023 - (ACN Newswire) - Kingworld Medicines Group Limited ("Kingworld Medicines" or the "Group", stock code: 01110.HK), a leading healthcare distribution company, announced on 15th that the Group plans to further subscribe for the shares of Taiko Pharmaceutical Co., Ltd. ("Taiko Pharmaceutical," stock code: 4574.JP) at a price of 338.58 yen per share (equivalent to approximately 18.35 Hong Kong dollars). The additional subscription will involve 1,007,500 shares of Taiko Pharmaceutical and representing approximately 2.08% of the enlarged issued share capital of Taiko Pharmaceutical. The total consideration for this transaction value amounts to 341,119,350 yen (equivalent to approximately 18,488,669 Hong Kong dollars). After this acquisition, combined with the previously subscribed shares, the group will collectively totally hold 3,185,900 shares of Taiko Pharmaceutical, representing approximately 6.42% of the enlarged issued share capital of Taiko Pharmaceutical.
Established in 1946, Taiko Pharmaceutical is a renowned pharmaceutical company in Japan, specializing in manufacturing and sales of pharmaceutical products and infection management (sanitation control) products. A key asset of its portfolio is the famous and long-standing, "Taiko Seirogan" brand, renowned for its effectiveness and over 120 years of history. Since its establishment in 1996, Kingworld Medicine has been the sole general distributor of the Taiko Seirogan in China, significantly contributing to expanding the domestic sales volume of Taiko Seirogan. Notably, in the past two years, there has been a significant 64% domestic market growth in 2022. Over time, Taiko Seirogan has become one of the best-selling flagship product of the Group.
As a leading enterprise in the field of greater health dedicated to the import and distribution of branded pharmaceutical and healthcare products, the Group remains committed to investing in the pharmaceutical and health industry. The increased stake in Taiko aligns with the Group's Fifth Five-Year strategic plan and operational objectives. The Group will continue consolidating its existing business and actively expand its upstream supply chain traceability cooperation with partners such as Hong Kong Foci Pharmaceutical Co., Ltd. and Taiko Pharmaceutical. The Group will focus on building the Longde health industry ecosystem to establish a comprehensive supply chain system within the pharmaceutical and greater health industry, expanding the Group's industry footprint.
Mr. Zhao Lisheng, Chairman of Kingworld Medicines Group, stated, "After Kingworld Medicines Group acquired a stake in Taiko Pharmaceutical in April this year, synergies between the two parties have enhanced operational quality and efficiency. The Group is committed to deepening cooperation with Taiko Pharmaceutical and leveraging this additional subscription to foster mutual growth. After the acquisition, the Group will continue to strengthen its position in the market for Taiko Seirogan, consolidating its brand presence. In the future, the Group will also explore related resources of Japanese herbal medicine to enrich the company's product portfolio and cultivate new avenues for profit growth. Therefore, investing in Taiko Pharmaceutical will assist the company in optimizing its industry layout, preserving and promoting traditional Chinese medicine formulations, and ultimately contributing to public health advancement."
Furthermore, in 2021, Kingworld Medicines invested a 49% stake in and operated Foci Hong Kong in partnership with Lanzhou Foci. During the collaboration, the Minshan brand series of products within the Hong Kong market saw exceptional growth. In 2022, Kingworld Medicines Group acquired Innopharm in France, officially expanding its European market. This increased stake in Taiko Pharmaceutical propels the expansion of the Group's upstream supply chain, promoting strategic synergy across the industry chain and enhancing international brand competitiveness and sales scale.
Topic: Press release summary
Sectors: Healthcare & Pharm
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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