Mitsubishi Pharma, Tanabe Seiyaku merging

Mitsubishi Chemical Holdings announced on Friday that its Mitsubishi Pharma subsidiary will merge with Tanabe Seiyaku (Tokyo:4508; Osaka:4508). Tanabe will issue Mitsubishi Chemical 316 million shares valued at Y525 billion ($4.3 billion), based on Tanabe's close of Y1,660 on Feb. 1, before the deal was announced. Mitsubishi Chemical will own 56.4% of the combined company, which will be called Mitsubishi Tanabe Pharma Corp. The combined company will be valued at Y931.7 billion ($7.7 billion), based on Tanabe's Feb. 1 close. Tanabe's marketed products include Talion bepotastine for allergic rhinitis and urticaria; and rheumatoid arthritis drug Remicade infliximab, for which it has rights in Japan from Johnson & Johnson (JNJ). Mitsubishi Pharma's products include cerebral infarction treatment Radicut edaravone and anti-platelet agent Anplag. ...