Towa Completes Deal For Pensa
Transaction Worth €329m Was Agreed In Late 2019
Japan’s Towa has completed its €329m deal for the Pensa Investments generics business of Spain’s Esteve.
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Japan’s Towa saw 4.6% growth in domestic sales in the first nine months of FY21, on the back of new launches, as the coronavirus pandemic had only a “minor” effect on its business. But while the firm’s launch schedule for new products remains unaffected so far, the company pointed out that there may be slight delays in product development plans going ahead.
Mergers and acquisitions have long been a tool for value creation in the generics and biosimilars space. Even with the entire life sciences sector overwhelmed by the novel coronavirus pandemic, deals big and small continued in 2020.
Japan’s Towa Pharmaceutical endured a mixed financial first quarter, seeing the April round of Japanese National Health Insurance pricing measures bite into domestic sales while its new overseas business thrived as COVID-19 pushed up demand.