SANKYO SHAREHOLDERS APPROVE MERGER WITH DAIICHI

Sankyo said Wednesday its shareholders approved the company's plan to merge with Daiichi Pharmaceutical in October at their annual meeting. The merger by Daiichi and Sankyo in October under a joint holding company will create Japan's second-largest pharmaceutical company, smaller in size only to Takeda Pharmaceutical, but some analysts have said the two firms' share swap ratio shows Sankyo may be paying too much of a premium to smaller Daiichi.

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