Aug. 19, 2021Corporate
Sumitomo Dainippon Pharma Announces Transfer of Shares of its Indirectly-Owned Subsidiary in Europe
Sumitomo Dainippon Pharma Co., Ltd. (Head Office: Osaka, Japan; Representative Director, President and CEO: Hiroshi Nomura; Securities Code: 4506, First Section of TSE) announced today that, effective August 17, 2021, its U.S. consolidated subsidiary Sunovion Pharmaceuticals Inc. (hereinafter, "Sunovion") has signed an agreement on the transfer of all the shares of its wholly-owned direct subsidiary, Sunovion Pharmaceuticals Europe Ltd. (hereinafter, "SPE"), to a special purpose acquisition company ultimately controlled by Inflexion Private Equity Partners LLP (Head Office: London, U.K.; hereinafter, "Inflexion") and the share transfer has been completed as of the same date.
1. Reasons for the share transfer
SPE began marketing LATUDA®, an atypical antipsychotic that has been a mainstay among products of the Sumitomo Dainippon Pharma Group, in Europe in 2014. After a comprehensive evaluation of SPE's current operational status and future business opportunities, a decision has been made to transfer all the shares of SPE to Inflexion.
Sumitomo Dainippon Pharma and SPE have signed a license and supply agreement for LATUDA® in Europe, which allows Inflexion to leverage SPE's business infrastructure and employees to continuously market LATUDA® in Europe.
Sumitomo Dainippon Pharma Group will continue to pursue its global strategy, which focuses on direct sales in the markets of Japan, North America, and China and other Asian countries, while maximizing growth in collaboration with partners in Europe and other regions.
2. About SPE
|(1)||Company name||Sunovion Pharmaceuticals Europe Ltd.|
|(3)||Lines of business||Manufacture and marketing of ethical pharmaceutical drugs in Europe|
|(4)||Established in||May 1997|
|(5)||Number of employees||29 (as of March 31, 2021)|
|(6)||Net sales in FY2020||28 million US dollars|
|(7)||Ownership structure||Sunovion Pharmaceuticals Inc.: 100%|
3. About Inflexion
|(1)||Company name||Inflexion Private Equity Partners LLP|
|(3)||Representative||Simon Turner and John Hartz, Managing Partners|
|(4)||Lines of business||Private equity|
|(6)||Funds under management||5.4 billion pounds|
4. Future outlook
The impact of the transfer of shares on our consolidated earnings results for the year ending March 31, 2022 will be minimal.