Sep. 01, 2023
Sumitomo Pharma Announces Change of European Consolidated Subsidiary’s Trade Name
Sumitomo Pharma Co., Ltd. (Head Office: Osaka, Japan; Representative Director, President and CEO: Hiroshi Nomura; Securities Code: 4506, Prime Market of TSE) announced today that, on August 31 (local time), it made a decision to change the trade name of its European consolidated subsidiary as below.
1. Details of trade name change
“Myovant Sciences GmbH”, the name of the remaining company after the reorganization of European group companies, will change to “Sumitomo Pharma Switzerland GmbH.”
2. Reasons for trade name change
On August 31, 2023, Sumitomo Pharma made a decision to reorganize multiple European group companies in Switzerland, with “Myovant Sciences GmbH” as the remaining company. It was decided to change the trade name of the integrated company because, holding the intellectual property for such mainstay products as ORGOVYX®, MYFEMBREE®, and GEMTESA® and assuming the role of product supplier (supply chain function), it will occupy an important position within the Sumitomo Pharma group.
Since the reorganization is among consolidated subsidiaries (second- and third-generation subsidiaries) of the Company, the impact on Sumitomo Pharma’s consolidated financial results will be minimal.
3. Date of trade name change
Mid-September 2023 (planned)
4. Overview of respective subsidiary
|Company Name||Myovant Sciences GmbH|
|Head Office||Basel, Switzerland|
|Representative||Laura Genatossio, General Manager|
|Description of Business||R&D, manufacturing and sales of pharmaceuticals|
|Capital||US$20 (in thousand)|
|Date of Establishment||August, 2016|
|Major Shareholder and Shareholding Ratio||Myovant Holdings Ltd., (100% second-generation subsidiary of Sumitomo Pharma Co., Ltd.) 100%|