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Japan's Fujifilm to buy Wako stake from Takeda for $1.3 billion
December 15, 2016 / 7:05 AM / a year ago

Japan's Fujifilm to buy Wako stake from Takeda for $1.3 billion

TOKYO (Reuters) - Japan’s Fujifilm Holdings Corp (4901.T) said on Thursday it will buy Takeda Pharmaceutical’s (4502.T) 71 percent stake in Wako Pure Chemical Industries for 154.7 billion yen (1.05 billion pounds) in a bid to expand its healthcare business

A man stands in front of the headquarters of Fujifilm Holdings Corp in Tokyo, Japan, June 2, 2016. REUTERS/Thomas Peter

Fujifilm will buy the stake through a tender offer bid beginning on Feb. 27 through to April 3, after which it will add Wako to its business as a consolidated subsidiary, the company said in a release through the Tokyo Stock Exchange.

Fujifilm views healthcare in Japan and other industrialized nations as a growth market as populations age and demand for medical services and products grow.

“The acquisition of Wako will be a key milestone for Fujifilm’s future business growth,” the company said in its statement.

Fujifilm already owns a 9.7 percent stake in Wako, which supplies it with photosensitive films. The company said that the acquisition will not impact its financial results for the year ended March 31.

Takeda in a separate statement said it expects to post a one-time pre-tax gain of about 100 billion yen from the sale, to be booked in the first quarter of the business year starting April 1.

Reporting by Tim Kelly; Editing by Sunil Nair and Christian Schmollinger

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