Taisho (TYO:4535) Agreed to Buy Bristol-Myers (NYSE:BMY) Asian Assets For US$310M

Tokyo, Sep 16, 2009 AEST (ABN Newswire) - Japan's Taisho Pharmaceutical Co. Ltd. (TYO:4535) said Wednesday it will buy Bristol-Myers Squibb Co.'s (NYSE:BMY) over-the-counter drug assets worth US$310 million in Asia Pacific (excluding China and Japan).

Under their agreement, Taisho will acquire from Bristol-Myers Squibb certain product registrations, trademarks and related assets of selected pharmaceutical and over-the-counter products sold primarily in Indonesia, Thailand and The Philippines, as well as in other countries in the Asia Pacific region.

Japan's largest maker of OTC pharmaceutical products by sales said it will buy the New York-based drug maker's OTC brand assets in the region for US$160 million.
The transaction also includes Bristol-Myers Squibb's 97.97 per cent stake in PT Bristol-Myers Squibb Indonesia Tbk. Taisho said it hopes to use to the Indonesian firm's production facilities and sales network to expand into Asia.

The closing of the transaction is expected to occur during the fourth quarter of 2009.

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Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: michelle.liang@abnnewswire.net