Japan’s newly-created Daiichi Sankyo has announced a restructuring programme which, it says, has simplified the merger of Sankyo and Daiichi Pharmaceuticals and will speed up its integration process.
The firm says that a general shareholder’s meeting will not be necessary to approve the restructure, which will result in Sankyo and Daiichi Pharmaceuticals being dissolved, as it is a simplified merger in accordance with Japanese company law and, as such, no issuance of shares or changes in capital will be necessary.
The new entity added that “Daiichi Sankyo aims to realise high growth and maximise its corporate value by improving its ability to create innovative drugs, maintaining its high competitiveness both domestically and overseas and pursuing the highest operational efficiencies in the industry by way of integration.”
In April, the company announced that Sankyo Pharma, Daiichi Pharmaceutical and Daiichi Medical Research were integrated in the USA, being the first region in which the group’s companies were merged, ahead of Europe and Japan.
Meantime, the new firm has received a boost from analysts at Goldman Sachs who have raised their rating on the stock to ‘buy’ from ‘neutral’ and lifted its target price to 4,000 yen from 3,400 yen. The broker claims that cost benefits from staff adjustments will be felt from the next fiscal year, adding that Daiichi Sankyo has a balanced earnings structure, with key products performing well at home and overseas.