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Sumitomo Chemical to sell its stake in AstraZeneca’s Japan unit

7:48 AM MST | February 28, 2014 | Deepti Ramesh

Sumitomo Chemical says that it has decided to sell its 20% stake in AstraZeneca K.K. (Osaka, Japan) to AstraZeneca (London). AstraZeneca K.K., which was established in 1975, develops, manufactures, and markets pharmaceuticals. Following Sumitomo’s exit, AstraZeneca will have full ownership of AstraZeneca K.K. With the sale, Sumitomo aims to further strengthen its financial base, the company says. In the fiscal year ending 31 March, Sumitomo expects to post an extraordinary gain of about ¥10 billion ($98 million) on a nonconsolidated basis, from the...

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