Fujifilm to acquire chemical company from Takeda for $ 1.7 billion

Japanese Fujifilm Holdings Corp has announced the acquisition of a 70% stake in the chemical company Wako Pure Chemical Industries from the pharmaceutical company Takeda Pharmaceutical for 198.5 billion yen ($1.7 billion).

"We will not seek immediate gains from mergers and acquisitions; we are interested in companies with growth potential for the future," said Kenji Sukeno, who took over as head of Fujifilm this week.

In June 2016, Fujifilm Holdings Corp announced its intention to make its pharmaceutical division profitable by 2018, with a goal of achieving a 20% operating profit. The main areas of interest for Fujifilm will be developing segments of the pharmaceutical market.

Wako, founded in 1922, specializes in the production of chemical preparations for laboratories and diagnostic reagents.

Fujifilm Corporation was founded in 1934 as a manufacturer of photographic film. It is now a diversified company producing medical equipment, pharmaceuticals, and copy machines. Fujifilm's net profit for the 2015-2016 fiscal year increased by 4%, reaching $1.11 billion, while the company's turnover amounted to $23 billion.

Takeda Pharmaceutical is an Asian pharmaceutical company, one of the 15 largest in the world. The company employs over 29,000 people. Its areas of interest include metabolic disorders, gastroenterology, neurology, and oncology. Takeda's headquarters is located in Osaka. The company owns plants in Japan, Russia, Poland, Norway, Germany, Austria, Denmark, Belgium, Mexico, Brazil, Argentina, India, China, Indonesia, Italy, and Ireland. Revenue for the 2015-2016 fiscal year was $16.5 billion, with a net profit of $735 million.