SBI Holdings to buy 20% stake in Photonamic from Medac.
8 November 2012 - Japan's financial services group SBI Holdings Inc (TYO:8473) said today it had agreed, via its European subsidiary, to buy a 20% stake in Photonamic GmbH & Co KG from German pharmaceutical company Medac GmbH and form a joint venture.
The deal, financial details of which were not disclosed, is in line with SBIa[euro](tm)s strategy to develop its biotechnology-related business, which it considers as the largest growth field within the group, and to bolster the operations of the 5-aminolevulinic acid (5-ALA) business in Japan and abroad.
Photonamic, which was established in 2002, is engaged in the research and development of drugs using 5-ALA. Its parent partners with SBI in 5-ALA related businesses that manufactures and sells a 5-ALA-based interoperative diagnostic drug for brain tumors in Europe. The drug was approved by the European Medicines Agency (EMEA) in 2007 and is currently sold in more than 20 countries in Europe, including Germany and the United Kingdom.
Following the deal, Photonamic is expected to cooperate with SBIa[euro](tm)s unit SBI Pharmaceuticals Co Ltd, a drug company engaged in 5-ALA businesses, and jointly promote the development and the adaptation of interoperative diagnostic drugs in Europe.
SBI unveiled plans to gradually increase its ownership in Photonamic in the future.Country: GermanySector: PharmaceuticalsTarget: Photonamic GmbH & Co KGBuyer: SBI Holdings Inc, SBI Holdings' European subsidiaryVendor: Medac GmbHType: JV, StakebuildingStatus: Agreed
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|Publication:||M & A Navigator|
|Date:||Nov 8, 2012|
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