Glaxo to merge with Wellcome in Japan
Nippon Glaxo Ltd and Nippon Wellcome KK are set to merge on July 1,creating a new firm which will be headquartered in Shibuya Ward, Tokyo. The new entity will have a staff of more than 2,100 and will be headed by the current president of Nippon Glaxo, Christopher Adam.
Combined sales of the two groups last year were in the region of 101 billion yen ($8.31 billion) and the new company plans to launch 28 products over the next five years. Its research institute will be based in Tsukuba, Ibaraki Prefecture and the production plant will be in Imaichi, Tochigi Prefecture.
Sumitomo Chemical, which currently has a 45% stake in Nippon Wellcome, will see that figure reduced to 20% of the new entity.
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