Japan’s Shionogi & Co said on Monday that it intends to acquire Singapore-listed China drugmaker C&O Pharmaceutical Technology for about S$219 million. It first plans to acquire 24 per cent of total C&O shares under an agreement with various C&O shareholders. It will then conduct a general offer in accordance with the agreement and the Singapore Code on Take-overs and Mergers, with an intention to make C&O a Shionogi subsidiary. Shionogi’s stake will rise to about 42 per cent of total shares at the offer price of 50 cents a share.
