Upsher-Smith’s parent company forms strategic alliance with Sumitomo Corporation in U.S. generics market.
Upsher-Smith Laboratories, LLC‘s parent company, Japan-based Sawai Pharmaceutical Co., Ltd., will sell a 20 percent stake in its U.S. subsidiary (Sawai America Inc.*) to Sumitomo Corporation of Americas (SCOA), a subsidiary of Sumitomo Corporation, one of Japan’s general trading houses. Under the terms of the agreement, SCOA will acquire the stake for consideration of $211 million. The transaction is expected to close by the end of March 2018.
Sumitomo Corporation’s core business units include tubular products, environment and infrastructure, steel and non-ferrous metals, transportation and construction systems, chemicals and electronics, media and IoT applications, real estate, mineral resources and Eenergy, and food.
“Sumitomo’s investment in our U.S. subsidiary and its management participation in Upsher-Smith will allow us to benefit from its experience, knowledge, and network in the global business arena in areas such as sourcing of active pharmaceutical ingredients (APIs) and product introduction,” said Mitsuo Sawai, president of Sawai. “By leveraging the unique strengths of the three companies, namely Sawai, Upsher-Smith, and Sumitomo Corporation, we will continue to enhance our global presence, including the U.S. business, to accelerate growth with the goal of becoming ‘a globally recognized generics company’.”
(Source: Upsher-Smith Laboratories, LLC)