TOWA PHARMACEUTICAL CO., LTD. reaches an agreement with ESTEVE to acquire ESTEVE's generic division, Pensa Investments

TOWA PHARMACEUTICAL CO.,LTD. (Osaka, Japan) (TOWA) and ESTEVE (Barcelona, Spain) announced today that TOWA will acquire 100% ownership of Pensa Investments, S.L. (Pensa), the generics division of the Spanish pharmaceutical company ESTEVE. The purchase price of Pensa will be an all cash deal with an upfront payment of 320 million euros. This acquisition is scheduled to be completed by the end of January 2020.

By acquiring Pensa, TOWA will be able to provide high-quality and value-added generic medicines to patients, not only in Japan but also abroad, by using a manufacturing factory that specializes in pellet preparation in Spain as well as its network of subsidiary companies in Europe and the United States.

The President of TOWA, Itsuro Yoshida, commented on the acquisition by saying: "I am happy that we can now build a foundation for full-scale overseas expansion by obtaining the sales networks that Pensa owns in Europe and the U.S., its know-how and knowledge on EMA/FDA regulations and commercial practices in each country, and its production facility in Europe. Our goal is to build a solid global structure by respecting and integrating one another's human resources, culture, and technologies. We will work unitedly as a group to provide TOWA's value-added products to patients all over the world."

In 2018, as part of its strategic plan, ESTEVE announced the company's intent to focus its business on proprietary products and areas of specialized medicine. Therefore, the divestiture of Pensa was a natural first step in advancing ESTEVE's journey of transformation. ESTEVE's Chief Executive Officer, Staffan Schuberg, commented: "TOWA is undoubtedly the ideal partner to develop the full potential of the ESTEVE generic division. At the same time, this operation will allow us to focus on our core businesses and speed up ESTEVE's transformation into a specialized and innovative global pharmaceutical company."

About TOWA PHARMACEUTICAL CO., LTD.

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