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Singapore's Eu Yan Sang to be acquired by Mitsui, Rohto Pharmaceutical for US$594 million
Representative Maxwell Frost (D-FL) speaks at a news conference on TikTok on Mar 12, 2024 in Washington, DC. (Photo: AFP/Getty Images/Anna Moneymaker)
SINGAPORE: Japan's Mitsui & Co said on Thursday (Apr 4) it had teamed up with Rohto Pharmaceutical Co to buy Eu Yan Sang International in a deal valuing the Singapore-based traditional Chinese medicines firm at S$800 million (US$594 million).
Mitsui said in a statement that a special purpose company jointly owned by Mitsui and Rohto would acquire around 86 per cent of Eu Yan Sang from Righteous Crane Holding.
Righteous Crane Holding is owned by a fund managed by Tower Capital Asia, a unit of Temasek Holdings and founding family members of Eu Yan Sang, according to a separate statement issued by Tower Capital Asia on Thursday.
Following the deal, a takeover bid for the remaining 14 per cent of Eu Yan Sang will be made, while the founding family of Eu Yan Sang will reinvest partially into the Misui-Rohto special purpose company, Mitsui added.
Righteous Crane Holding took the company private from the Singapore bourse in 2016. The deal valued Eu Yan Sang at about US$196 million at the time.
