News Release


Business integration between Kyorin Pharmaceutical Co.,Ltd.and the Medical & Pharmaceutical Business Group of Teijin Ltd.

January 23, 2003

Teijin Ltd. (Head Office: Chuo-ku, Osaka; President: Toru Nagashima; "Teijin") and Kyorin Pharmaceutical Co., Ltd. (Head Office: Chiyoda-ku, Tokyo; President: Ikuo Ogihara; "Kyorin") have reached a basic agreement that, scheduled for October 1, 2003, the Medical & Pharmaceutical Business Group of Teijin will be spun off and integrated into Kyorin, thus being developed as a key consolidated subsidiary of the Teijin Group.

The newly integrated company will maintain its independent operation as a listed company.

Today, the boards of directors of both companies ha ve approved the proposed integration, and both companies will enter into a memorandum agreement to start full-fledged negotiations.

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