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news.Sumitomo Corporation of Americas (SCOA) has agreed to acquire 20% interest in Sawai Pharmaceutical’s US subsidiary Sawai America (SAI) for around $211m.
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Sawai America is the parent company of US generics drugmaker Upsher-Smith Laboratories (USL).
The deal allows Sawai and Sumitomo to form a strategic alliance in the generic pharmaceuticals business in the US.
As per terms of the deal, SAI will be changed to a limited liability company (LLC) and renamed to Sawai America LLC (SAL).
The company will also create an interim holding firm Sawai America Holdings, which will serve as parent company to SAL.
The deal is expected to be completed by the end of March 2018.
Sawai Pharmaceutical is engaged in the marketing of around 700 generic products. It recently acquired Upsher-Smith Laboratories to expand generic drug business.
The company produces and markets pharmaceutical products such as cardiovascular drugs, antihyperlipidemic agents, diabetes drugs, anticancer drugs, and OTC drugs.
Upsher-Smith also offers a range of generic and branded medications, and its expertise ranges from early-stage research to delivering on-market products.
Sawai president Mitsuo Sawai said: “SC’s investment in SAI and their management participation in USL will facilitate to leverage SC’s experience, knowledge and network in the global business arena in such areas as sourcing of active pharmaceutical ingredients (APIs) and product introduction.
“We will continue to enhance our global presence including the U.S. business to accelerate growth with our goal to become “a Globally Recognized Generics Company” by leveraging the strengths and uniqueness of the three companies, namely Sawai, USL and Sumitomo Corp.”