• Taisho has reached a final agreement with BMS to acquire all shares and business assets of BMS owned French pharmaceutical manufacturer, UPSA. Upon the completion of the transaction, UPSA will become a wholly-owned subsidiary of Taisho
  • Signing of the transaction is subject to relevant legal proceedings, including works council consultation. Completion of the transaction is subject to receipt of certain regulatory approvals
  • The transaction value is USD 1.6bn (about JPY 180bn)
  • Daiwa, DCS Advisory and DC Advisory acted as financial advisors for Taisho


  • Taisho Group seeks to build a solid business base in the face of global competition and strengthen its overseas business in self-medication
  • Taisho has been targeting emerging countries for expansion by levering its 2009 Indonesia acquisition from BMS as a platform for growth in Asia. Facing an ageing population and stronger demand for self-medication, Taisho plans to expand its business in developed countries as well
  • As a result of the acquisition of UPSA, Taisho Group will benefit from established and growing lines of business across Europe including France and East Europe