Kyorin,Teijin Announce Intentions to Cease Planned Business Integration
April 23, 2003
Tokyo, April 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 agreed to shelve the proposed plan, scheduled for October 1, 2003, to spin off and integrate the Medical & Pharmaceutical Business Group of Teijin with Kyorin.
Given the difficult business environment and heightened competition in both domestic and foreign markets, Teijin and Kyorin had reached a letter of intent on a business integration proposed on January 23, 2003, judging that the new combined entity would raise corporate value as a unique pharmaceutical company with strength in specific fields, and with a new business model made by interface between pharmaceutical and home health care. With this basic agreement, both parties had set up functional subcommittees under an Integration Committee, and had engaged in faithful discussion at a practical level, incorporating the advice of external experts, towards the execution of the company split agreement which was scheduled for the end of April.
Adobe Reader software is required to view and print PDF files. The latest version of Adobe Reader can be downloaded by accessing the Adobe Systems Incorporated website.