Immuno-Biological Laboratories Co., Ltd. completed the acquisition of 41.7% stake in Skylight Biotech Inc.
July 01, 2013 at 05:00 am
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Immuno-Biological Laboratories Co., Ltd. (JASDAQ:4570) agreed to acquire 41.7% stake in Skylight Biotech Inc. for approximately ¥150 million in stock on May 13, 2013. Immuno-Biological will acquire shares of Skylight Biotech for an exchange ratio of 0.47. Immuno-Biological will issue 4309 shares as part of consideration. In a related transaction, Immuno-Biological Laboratories Co., Ltd. (JASDAQ:4570) agreed to acquire 58.3% stake in Skylight Biotech Inc. for approximately ¥160 million on May 13, 2013. As of May 29, 2013, Immuno-Biological Laboratories revised the exchange ratio from 0.47 to 0.44. Immuno-Biological Laboratories Co., Ltd. agreed to acquire 41.7% stake in Skylight Biotech Inc. for approximately ¥120 million. For the period ending June 2012, Skylight Biotech Inc. had net assets of ¥83 million, total assets of ¥98 million, net sales of ¥126 million, operating income of ¥7 million, ordinary income of ¥10 million, and net income of ¥10 million.
The share exchange will be carried out by the procedures of the simplified share exchange without the approval of the general meeting of shareholders of Immuno-Biological Laboratories Co., Ltd. Board of Directors of Immuno-Biological Laboratories Co., Ltd. approved the transaction on May 13, 2013. The expected date for share exchange contract approval from extraordinary shareholders' meeting is May 29, 2013. The transaction is expected to close on July 1, 2013. Kato Accounting Office acted as the independent calculation agent for Immuno-Biological Laboratories Co., Ltd and Skylight Biotech.
Immuno-Biological Laboratories Co., Ltd. (JASDAQ:4570) completed the acquisition of 41.7% stake in Skylight Biotech Inc. on July 1, 2013.
Immuno-Biological Laboratories Co., Ltd. is a Japan-based company engaged in the research, development, manufacture and sales of pharmaceutical products and quasi-drugs. The Company operates in four business segments. The Diagnostic and Reagent segment is engaged in the manufacture, purchase and sales of research-related reagents, medicine, as well as vitro diagnostics. The Genetically Modified Silkworm segment is engaged in the sales of transgenic silkworm cocoons related products and research development of pharmaceutical raw materials. The Testing segment is engaged in the provision of support for prevention and diagnosis in addition to drug discovery and research support in the field of lifestyle-related diseases using lipid metabolism analysis technology. The Cosmetics segment is engaged in the sales of cosmetics and other products.
IMMUNO-BIOLOGICAL LABORATORIES CO., LTD. 
