Shionogi & Co (TYO:4507) disclosed the dissolution of its joint ventures with Ping An Insurance Group (HKG:2318, SHA:601318) via the acquisition of the Chinese insurer's stakes in the JVs, according to a Monday filing with the Tokyo Stock Exchange.
The board approved Shionogi's acquisition of Ping An's 49% stake in Ping An Shionogi and Ping An Shionogi (Hong Kong), making them wholly-owned subsidiaries.
The move follows a review of the companies' strategies and aligns with Shionogi's focus on drug development in China and Asia. The joint ventures have contributed to key product approvals and AI-driven drug discovery efforts.
The share transfers are planned for January 2025 for Ping An Shionogi Hong Kong and for March 2025 for Ping An Shionogi.
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