Hisamitsu Pharmaceutical¡¯s ?457 billion ($2.9 billion) plan to go private is being seen as a prime example of a flight from public markets among Japan¡¯s drugmakers, with analysts expecting more to follow.
Facing the dual pressures of short-term investor scrutiny and government-forced price cuts, drugmakers are opting to delist in order to seek greater management flexibility to cut costs, reshape portfolios and invest for the long term.
Over the past two years, Mitsubishi Tanabe Pharma and Taisho Pharmaceutical Holdings have also been taken private, while activist investor Dalton Investments has urged Aska Pharmaceutical Holdings to consider similar steps.
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