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    Asahi Glass Co., Ltd. - Acquisition of CMC Biologics

Leading Japanese law firm Nishimura & Asahi has advised Asahi Glass Co., Ltd. (“AGC”) on its acquisition of CMC Biologics (“CMC”), a world-leading biologics Active Pharmaceutical Ingredients (“API”) manufacturer, for about JPY 60 billion (approx. US 511 million).

CMC is a Contract Development and Manufacturing Organization (“CDMO”), offering biological API manufacturing services with mammalian and microbial hosts. The company provides high value-added cell line construction, process development, scale-up and manufacturing of API used in drug development (pre-clinical and clinical trials) and in commercially-marketed biopharmaceutical drugs. With about 530 employees, CMC operates on a global scale with production facilities in Denmark (Copenhagen) and the US (Seattle and Berkeley). 

AGC is a Japanese world-leading manufacturer of glass, chemicals and high-tech materials. Its acquisition of CMC will enable expansion of its biologics CDMO operations, complementing AGC’s current operations in Japan and Europe. 

The Nishimura & Asahi team advising AGC was led by partners Somuku Iimura, Yasutaka NishikoriTakahiko Date and Yoshiyuki Asaoka.

People

錦織 康高

While mainly focusing on financial transactions and financial regulations, he has also advised on a variety of projects such as international disputes regarding financial products and M&A transactions (especially those involving financial institutions). Projects he has represented include an acquisition of shares in Seiyu by KKR and Rakuten in 2021, the restructuring of KDDI’s financial business in 2020, and Aozora Bank’s capital restructuring to repay governmental funds in 2013. He won the “Deal of the Year” award at Japan Achievement Awards 2014/2015 hosted by FinanceAsia and the “Japan Deal of the Year” award at Japan Law Awards 2015 sponsored by Asian Legal Business (ALB) with respect to Suntory Holdings’ acquisition of Beam, Inc. in 2014. His practice area also includes international taxation. Taking advantage of his considerable experience in advising on international financial transactions, he provides clients with practical tax advice both at the stage of transaction structuring and during tax disputes, especially in relation to complicated financial instruments. He successfully represented Tokio Marine & Nichido Fire Insurance in contesting a tax assessment on a cross-border reinsurance transaction ceding earthquake-related risks. He is also very active in academia. He was a Visiting Associate Professor at the University of Tokyo, Graduate Schools of Law and Politics from 2010 to 2013 and has been a lecturer at Keio University Law School since 2014. He has authored numerous academic articles such as Corpus Juris Finance (Co-author; Shojihomu Kenkyukai, 2003), Comparative Income Taxation - Fourth Edition (Co-author; Kluwer Law International, 2019), and Analysis of Issue Prices in Public Offerings (Co-author; Yuhikaku, 2015).

伊達 隆彦

Takahiko handles a wide range of domestic and international M&A transactions, general corporate matters, and labor matters. In particular, he has extensive experience in private equity fund investments, cross-border transactions (mainly in Europe and the U.S.), as well as TMT and pharmaceutical industry-related M&A transactions. Regardless of the difficulty or complexity of a case, his policy is to respond in a flexible, appropriate, and timely manner in accordance with his clients’ needs and expectations. He is also actively involved in D&I activities and pro bono work.