By Kanoko Matsuyama and Maki Shiraki
Oct. 19 (Bloomberg) -- Kirin Holdings Co., Japan's biggest brewer, is in talks to buy Kyowa Hakko Kogyo Co. to triple the size of its drug unit as beer sales stall.
The talks, reported earlier in the Nikkei newspaper, were confirmed by Kirin spokesman Hiroki Umezawa. Kyowa Hakko shares surged to a seven-year high, pushing up the Tokyo-based company's value 17 percent to 560 billion yen ($4.9 billion).
Buying Kyowa Hakko would give Kirin a maker of allergy drugs and developer of cancer treatments that more than doubled first-half profit. Beer production in Japan fell in the first half to the lowest since records began in 1992.
``It's a good move for Kirin to strengthen its drugs and biotechnology business,'' said Shunichiro Manome, an equities analyst at Cosmo Securities Co. in Tokyo. ``There's little growth in Japan's beer market.''
The Tokyo-based beermaker is seeking to purchase more than 50 percent of Kyowa Hakko to merge with its own drug unit, the Nikkei said, without saying where it obtained the information. The acquisition would cost more than 300 billion yen if a 30 percent premium was paid, the report said.
Kirin, which makes the anemia drugs Espo and Nesp, had 67.2 billion yen in sales from pharmaceuticals last year.
Kyowa Hakko, maker of the allergy medication Allelock, had 131.5 billion yen in sales, accounting for 37 percent of the business. The rest of its revenue comes from chemicals and food products.
The company also owns the rights to a process known as Potelligent that increases the effectiveness of drugs used to treat immune disorders.
Technology Rights
It has licensed the technology to nine companies including Takeda Pharmaceutical Co., Biogen Idec Inc. and Genentech Inc., the world's second-largest biotechnology company.
``The combination should be significant for Kirin's pharmaceutical business's growth story,'' Naomi Takagi, a JPMorgan analyst, said in a report to clients. ``Both companies possess relative strengths in antibody drugs.''
Kyowa Hakko shares rose 200 yen, their daily limit, to 1,402 yen on the Tokyo Stock Exchange today. The stock is the best performer on the 35-member Topix Pharmaceutical Index this year. Kirin shares rose 19 yen, or 1.2 percent, to 1,586 yen.
Kirin President Kazuyasu Kato said in February the company was looking to strengthen its drug business and acquisitions would be considered.
Japan's drugmakers have been merging as government price controls squeeze profit margins.
Mitsubishi Chemical Holdings Corp. agreed to buy Tanabe Seiyaku Co. in February. Astellas Inc., Japan's second-largest drugmaker, was formed by the 2005 merger of Yamanouchi Pharmaceutical Co. and Fujisawa Pharmaceutical Co.
Rising Costs
Kirin's first-half profit fell 12 percent on rising prices for brewing malt and aluminum beer cans. The company said today it will form an alliance with rival Suntory Ltd. to procure aluminum and cardboard packaging to reduce costs.
Revenue rose 6.8 percent to 836 billion yen in the half, bolstered by last year's purchase of a controlling stake in Japanese winemaker Mercian Corp. Sales of beer were little changed at 447 billion yen.
To contact the reporters on this story: Kanoko Matsuyama in Tokyo at kmatsuyama2@bloomberg.net ; Maki Shiraki in Tokyo at mshiraki1@bloomberg.net .
Last Updated: October 19, 2007 03:25 EDTさんか 1 【傘下】
「大企業の―に入る」
・～企業［組合］ an affiliated enterprise [union].
・…の～に入る come under the umbrella [influence, control] of….
キリンＨＤ、協和発酵を買収へ 医薬品事業を強化
2007年10月19日10時24分
ビール大手のキリンホールディングスが医薬品中堅、協和発酵を買収する方向で最終調整に入ったことが１９日、分かった。酒類の消費が伸び悩む中、医薬品 事業を強化するのが狙い。過半数の株式取得を目指し、友好的な株式公開買い付け（ＴＯＢ）による買収案も検討している模様だ。協和発酵の時価総額は約 ４８００億円（１８日終値）で３０００億円規模の大型買収となる可能性がある。
キリンは７月から持ち株会社制に移行しており、傘下に医薬品子会社の「キリンファーマ」を持つ。キリンは協和発酵を傘下に収めた後、キリンファーマと統合する考えだ。両社の医薬品事業の売上高を合計すると約２０００億円となる。
協和発酵は、ヒトの免疫を活用した技術で、がん細胞などをねらい撃ちにする「抗体医薬」の高い技術で知られる。キリンファーマも同分野で独自技術を持ち、相乗効果が期待される。新薬開発には多額の研究開発費も必要で、規模の拡大によるメリットとして大きいとされる。
キリンは、主力の国内ビール事業とは別に、企業合併・買収（Ｍ＆Ａ）で事業拡大を急ピッチで進めてきた。０６年にはワイン大手のメルシャ ンを買収、ヤクルトとも合弁会社を設立。今年７月には医療機器大手のテルモとの業務資本提携を発表した。協和発酵も薬価引き下げや研究開発費の増大で規模 拡大を迫られている。
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