News Release


Kyorin Pharmaceutical to Acquire Toyo Pharmar Stock to Establish a Subsidiary

March 31, 2005

Kyorin Pharmaceutical Co., Ltd. (Tokyo; President: Ikuo Ogihara) and Toyo Pharmar Co., Ltd. (Ishikawa; President: Hajime Nakayama) have executed an agreement on Kyorin's acquisition of a majority of shares in Toyo Pharmar, which will allow it to operate as a subsidiary of Kyorin.

The issue was resolved at a Board of Directors' meeting held today, March 31, 2005, when the acquisition agreement was concluded.

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