The Wall Street Journal-20080213-Taisho Pharmaceutical Co-- Japanese Drug Maker Begins Tender Offer for Biofermin

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Taisho Pharmaceutical Co.: Japanese Drug Maker Begins Tender Offer for Biofermin

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Taisho Pharmaceutical Co. will begin a tender offer valued at as much as 27.3 billion yen, or about $255.4 million, for Biofermin Pharmaceutical Co. to expand its over-the-counter drug business. Japan's OTC drug makers face a tough business climate amid competition with soft-drink and food makers, which are expanding their lineup of products asserting health benefits. Taisho, Japan's largest OTC drug maker by revenue, said it aims to buy as many as 7.54 million, or 62%, of Biofermin's outstanding shares. It will give Taisho 64.4% of voting rights in Biofermin. Biofermin's top shareholder, TZCS Inc., has agreed to sell all of its 40.19% stake in Biofermin, Taisho said.