Daiichi Sankyo Company, Limited announced that a Board of Directors Meeting resolved that American Regent, Inc. and PharmaForce, Inc., subsidiaries of Luitpold Pharmaceuticals, Inc. are to undergo an absorption-type merger with Luitpold as the surviving company. The name of said surviving company, Luitpold, is to be changed to American Regent, Inc., effective January 2019.
This merger is to be between wholly-owned subsidiary companies of Daiichi Sankyo; therefore, some items have been omitted.
Reasons for merger: The aims are to increase the efficiency of governance and management.
Reasons for corporate name change: American Regent is currently the market-facing brand for products that provide more than 95% of Luitpold’s revenue, including products for treating iron deficiency (Injectafer [ferric carboxymaltose] and Venofer [iron sucrose]) and generic injectables. In the future, the consolidation of the American Regent brand, which is widely known in the USA, with the corporate brand (company name) will more clearly express the company's principles of "customer-centricity" and "ensuring high-quality and stable supply".
Newly renamed American Regent, Inc. will continue to modernize and expand its manufacturing facilities through major, medium-to-long-term capital investment, to provide rapid and flexible product supply to respond to varied demands in a rapidly changing US pharmaceutical market.
The form of the merger is an absorption-type merger with Luitpold as the surviving company. American Regent, Inc. and PharmaForce, Inc. as the extinct companies will be dissolved. There will be no issuance of new shares or cash allocation with this merger. American Regent, Inc. and PharmaForce, Inc. have not issued any subscription rights to shares or bonds with subscription rights to shares.
As the merger is between wholly-owned subsidiaries of Daiichi Sankyo, it will have a marginal effect on Daiichi Sankyo's consolidated financial results.
Luitpold Pharmaceuticals, Inc. and its subsidiaries carry out development, manufacturing, and marketing of products, including products for treating iron deficiency (Injectafer and Venofer), generic injectables, and veterinary drugs in the USA.