Global Healthcare Analyst

Tina Banerjee

Event-Driven

Hisamitsu Pharmaceutical Co / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hisamitsu-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:17008:1" rel="noopener">Hisamitsu Pharmaceutical Co (4530 JP)</a> announced MBO intending to take it private. The offer has been set at ¥6,082 per share which translates to an offer size of roughly ¥400B.</li>
<li>In 9MFY26, the company reported revenue of ¥114.5B up 3% YoY, mainly driven by the overseas prescription drug business while the Salonpas focused OTC pharmaceutical products, revenue remained flat.</li>
<li>Given the fundamentals with new products gaining momentum, Salonpas getting back on track and overseas market growing the offer price of ¥6082 seems a decent exit opportunity at the moment.</li>
</ul>



Hisamitsu Pharmaceutical Co (4530 JP) announced MBO intending to take it private. The offer has been set at ¥6,082 per share which translates to an offer size of roughly ¥400B.
In 9MFY26, the company reported revenue of ¥114.5B up 3% YoY, mainly driven by the overseas prescription drug business while the Salonpas focused OTC pharmaceutical products, revenue remained flat.
Given the fundamentals with new products gaining momentum, Salonpas getting back on track and overseas market growing the offer price of ¥6082 seems a decent exit opportunity at the moment.


Hisamitsu Pharma (4530 JP): MBO at ¥6,082 Offers A Decent Exit Opportunity

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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<ul>
<li>
<a href="https://www.smartkarma.com/entities/hisamitsu-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:17008:1" rel="noopener">Hisamitsu Pharmaceutical Co (4530 JP)</a> has recommended an MBO at JPY6,082, a 17.0% premium to the last close and in line with Bloomberg’s stated JPY450 billion valuation. </li>
<li>The offer is attractive compared to precedent transactions and peer multiples. The offer is struck at the midpoint of the IFA DCF valuation range. </li>
<li>The sheer number of irrevocables and the presence of several cross-holders will aid in deal completion. The tender closes on 19 February.</li>
</ul>



Hisamitsu Pharmaceutical Co (4530 JP) has recommended an MBO at JPY6,082, a 17.0% premium to the last close and in line with Bloomberg’s stated JPY450 billion valuation. 
The offer is attractive compared to precedent transactions and peer multiples. The offer is struck at the midpoint of the IFA DCF valuation range. 
The sheer number of irrevocables and the presence of several cross-holders will aid in deal completion. The tender closes on 19 February.


Hisamitsu Pharma (4530 JP): MBO at JPY6,082

<ul>
<li>Bloomberg reported that an entity owned by the CEO is considering an MBO of <a href="https://www.smartkarma.com/entities/hisamitsu-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:17008:1" rel="noopener">Hisamitsu Pharmaceutical Co (4530 JP)</a> at a valuation of around JPY450 billion.</li>
<li>Assuming that the rumoured valuation refers to market cap based on outstanding shares, it suggests an offer around JPY6,000, a 15.4% premium to the last close.</li>
<li>Hisamitsu confirmed that it plans to announce an MBO today. An offer of JPY6,000 is attractive compared to precedent transactions and peer multiples.  </li>
</ul>


Bloomberg reported that an entity owned by the CEO is considering an MBO of Hisamitsu Pharmaceutical Co (4530 JP) at a valuation of around JPY450 billion.
Assuming that the rumoured valuation refers to market cap based on outstanding shares, it suggests an offer around JPY6,000, a 15.4% premium to the last close.
Hisamitsu confirmed that it plans to announce an MBO today. An offer of JPY6,000 is attractive compared to precedent transactions and peer multiples.  


Hisamitsu Pharma (4530 JP): An Imminent MBO at a Rumoured JPY450 Billion Valuation

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<ul><li>Revenue was JPY43.1bn (-1.4% YoY), with domestic business at JPY38.9bn (-3.1% YoY) and China business at JPY4.2bn (+18.8% YoY).</li><li>Operating profit decreased to JPY7.7bn (-27.0% YoY), impacted by increased cost of revenue and SG&A expenses.</li><li>Tsumura acquired a 51% stake in Shanghai Hongqiao Pharmaceutical Co., Ltd., focusing on decoction pieces business.</li></ul>

Revenue was JPY43.1bn (-1.4% YoY), with domestic business at JPY38.9bn (-3.1% YoY) and China business at JPY4.2bn (+18.8% YoY).Operating profit decreased to JPY7.7bn (-27.0% YoY), impacted by increased cost of revenue and SG&A expenses.Tsumura acquired a 51% stake in Shanghai Hongqiao Pharmaceutical Co., Ltd., focusing on decoction pieces business.

Tsumura & Co (4540 JP): Q1 FY03/26 flash update

<ul><li>Revenue reached JPY181.1bn (+20.1% YoY), with domestic business contributing JPY160.5bn and China business JPY20.6bn. </li><li>Operating profit doubled to JPY40.1bn (+100.5% YoY), with a 4.5pp decline in SG&A expense ratio to 27.9%. </li><li>FY03/26 projections: revenue JPY188.0bn (+3.8% YoY), operating profit JPY34.2bn (-14.8% YoY), net income JPY23.0bn (-29.1%). </li></ul>

Revenue reached JPY181.1bn (+20.1% YoY), with domestic business contributing JPY160.5bn and China business JPY20.6bn. Operating profit doubled to JPY40.1bn (+100.5% YoY), with a 4.5pp decline in SG&A expense ratio to 27.9%. FY03/26 projections: revenue JPY188.0bn (+3.8% YoY), operating profit JPY34.2bn (-14.8% YoY), net income JPY23.0bn (-29.1%). 

Tsumura & Co (4540 JP): Full-year FY03/25 flash update

Japan

TSUMURA & CO. manufactures and sells pharmaceutical products including Chinese medicines.  The Company also manufactures and sells bathing products, cosmetics, and other healthcare and toiletry products.  Tsumura & Co. sells its products in Japan and overseas markets.

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Tsumura & Co (4540 JP)

Hisamitsu Pharma (4530 JP): MBO at ¥6,082 Offers A Decent Exit Opportunity

Hisamitsu Pharmaceutical Co announced MBO to go private at ¥6,082 per share. Given the fundamentals the offer price seems a decent exit...

Tina Banerjee

Hisamitsu Pharma (4530 JP): MBO at JPY6,082

The offer is attractive. The sheer number of irrevocables and the presence of several cross-holders will aid in deal completion.

Arun George

Hisamitsu Pharma (4530 JP): An Imminent MBO at a Rumoured JPY450 Billion Valuation

Hisamitsu confirmed that it plans to announce an MBO today. An offer at the rumoured JPY450bn valuation is attractive compared to precedent...

Arun George