Kyowa Kirin sells China plant to Dainippon Sumitomo
This article was originally published in Scrip
Kyowa Hakko Kirin is to divest a wholly owned Chinese pharmaceutical manufacturing subsidiary to Dainippon Sumitomo Pharma(DSP). The former Kyowa Hakko packaging plant in Suzhou was completed in 2006 but had not begun commercial operations, and is being sold as part of restructuring following Kyowa's October 1st merger with Kirin. Financial terms were not disclosed but the subsidiary has net assets of around ¥1.5 billion ($15.5 million). DSP said it was looking to expand its local production capacity to meet growing demand in China, where it already has a marketing subsidiary and a packaging facility, also in Suzhou.