Japan Tobacco selling OTC business
Japan Tobacco is selling part of its over-the-counter drugs business toNichiiko Pharmaceutical, in a restructuring aimed at improving profitability, according to a report in the Financial Times. JT, which is two-thirds owned by the Japanese government, will focus on prescription drugs within its health care business.
Pharma to be profitable by 2006
The businesses it is withdrawing from bring in about 5.3 billion yen ($46.2 million) in revenues for JT, as part of overall pharmaceutical sales of 67.7 billion yen in the year to March 2000. The company is in the first year of a restructuring plan and is aiming for profitability in its pharmaceuticals division by March 2006.
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