TOKYO--(BUSINESS WIRE)--SanBio Co., Ltd. (representative: Keita Mori, headquarters: Chuo-ku, Tokyo; hereinafter SanBio) hereby announces that it has resolved to enter into an equity and business alliance (hereinafter the Agreement) with CareNet, Inc. (representative: Katsuhiro Fujii, headquarters: Chiyoda-ku, Tokyo; hereinafter CareNet), Medical Incubator Japan K.K., (representative: Jun Katsura, headquarters: Minato-ku, Tokyo; hereinafter Medical Incubator), Vital KSK Holdings, Inc. (representative: Taisuke Murai, headquarters: Setagaya-ku, Tokyo; hereinafter Vital KSK Holdings), and Astem Inc. (representative: Tsuguo Yoshimura, headquarters: Oita, Oita Prefecture; hereinafter Astem) for joint research on the appropriate use, adoption, and stable distribution of regenerative cell medicine SB623.
1. Overview of the business alliance
Since the beginning of the 21st century, R&D of regenerative cell medicines has been actively promoted around the world, and as a result, has now reached the stage of products being approved and launched. Regenerative cell medicines are expected to spread widely in the coming years. However, medical institutions and peripheral companies in the healthcare industry including pharmaceutical distributors are largely inexperienced in the handling of regenerative cell medicines. They are currently under pressure to accelerate preparations for promoting and marketing regenerative medicine products in ways best suited to their features. Under such circumstances, the five companies above have been examining best ways to pioneer the appropriate use, adoption, and stale distribution of regenerative cell medicines in Japan. Because regenerative cell medicines are a cutting-edge field, the five companies agreed that appropriate use, adoption, and stable distribution of these medicines would be best achieved by teaming up with pioneers in each specialty, and hence agreed to conduct joint research. With its regenerative cell medicine SB623 as the research target, SanBio will engage in joint research with CareNet and Medical Incubator, which have many years’ experience in providing pharmaceutical information and educational programs for physicians and pharmacists, and with Vital KSK Holdings and Astem, which have knowledge and experience in pharmaceutical distribution. SanBio, CareNet, and Medical Incubator are to play a central role in research into the appropriate use and adoption of regenerative cell medicines, while SanBio, Vital KSK Holdings, and Astem will lead studies in distribution. By drawing on the knowledge and experience of each company, SanBio believes it can enhance the content and quality of joint research.
2. Overview of the equity alliance
Although the main goal of forming business alliance is to improve the content of joint research, the five companies have judged that they could also increase their corporate value by taking part in the alliance. Hence, to conduct the joint research in a more cooperative way and to make the best of their alliance, they have decided to enter into an equity alliance agreement.
SanBio will acquire 1,076,400 common shares in CareNet held by its largest shareholder CareNet Innovation Investment Limited Partnership (hereinafter CareNet Innovation) in an off-market transfer (9.74% of 11,048,000 outstanding shares as of August 31, 2018). CareNet, Medical Incubator, Vital KSK Holdings, and Astem will acquire in total 1.59% of outstanding shares in SanBio (49,713,533 shares as of August 31, 2018). Medical Incubator will own shares in SanBio through CareNet Innovation, which Medical Incubator manages as a general partner.
3. Profiles of companies in the equity and business alliance
(1) Profile of SanBio |
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(1) | Company name | SanBio Co., Ltd. | ||||||||||
(2) | Address | 8-1 Akashi-cho, Chuo-ku, Tokyo | ||||||||||
(3) | Representative | Keita Mori, Representative Director and President | ||||||||||
(4) | Main business | Development, manufacture, and sales of regenerative cell medicines | ||||||||||
(5) | Capital | 3,875 million yen | ||||||||||
(6) | Established | February 2013 | ||||||||||
(7) |
Major shareholders and shareholding ratios
(as of January 31, 2018) |
Toru Kawanishi | 26.86% | |||||||||
Keita Mori | 13.18% | |||||||||||
Sumitomo Dainippon Pharma Co., Ltd. | 6.19% | |||||||||||
Tenjin Limited | 6.10% | |||||||||||
J.P. Morgan Bank Luxembourg S.A. 385576 | 1.42% | |||||||||||
RBC IST 15 PCT Lending Account–Client Account | 1.27% | |||||||||||
Japan Trustee Services Bank, Ltd. (Trust Account) | 1.19% | |||||||||||
The Bank of New York 133524 | 1.12% | |||||||||||
RBC ISB S/A DUB Nonresident/Treaty Rate UCITS–Clients Account | 0.87% | |||||||||||
SBI Securities Co., Ltd. | 0.85% | |||||||||||
(8) | Relationships with partnering companies | Relationship with CareNet | ||||||||||
Capital relationship |
Toru Kawanishi, Executive Chairman and Co-CEO of SanBio, owns
1.30% of outstanding shares in CareNet (as of June 30, 2018). |
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Personal relationship | Not applicable | |||||||||||
Business relationship | Based on an outsourcing agreement concluded in the fiscal year ended in January 31, 2018, SanBio has outsourced post-market research of SB623 to CareNet. | |||||||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||||||
Relationship with CareNet Innovation | ||||||||||||
Capital relationship | Not applicable | |||||||||||
Personal relationship | Not applicable | |||||||||||
Business relationship | Not applicable | |||||||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||||||
Relationship with Medical Incubator | ||||||||||||
Capital relationship | Not applicable | |||||||||||
Personal relationship | Not applicable | |||||||||||
Business relationship | Not applicable | |||||||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||||||
Relationship with Vital KSK Holdings | ||||||||||||
Capital relationship | Not applicable | |||||||||||
Personal relationship | Not applicable | |||||||||||
Business relationship | Not applicable | |||||||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||||||
Relationship with Astem | ||||||||||||
Capital relationship | Not applicable | |||||||||||
Personal relationship | Not applicable | |||||||||||
Business relationship | Not applicable | |||||||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||||||
(9) | Consolidated earnings and financial position for the last three fiscal years | |||||||||||
Fiscal year ended | January 2016 | January 2017 | January 2018 | |||||||||
Net assets (million yen) | 6,366 | 4,594 | 853 | |||||||||
Total assets (million yen) | 8,271 | 6,292 | 5,193 | |||||||||
Net assets per share (yen) | 142.66 | 101.52 | 18.33 | |||||||||
Operating revenue (million yen) | 1,174 | 949 | 490 | |||||||||
Operating income (million yen) | (1,125) | (1,932) | (4,378) | |||||||||
Ordinary income (million yen) | (1,172) | (2,166) | (3,947) | |||||||||
Net income attributable to owners of parent (million yen) | (988) | (1,835) | (3,940) | |||||||||
Net income per share (yen) | (22.67) | (40.88) | (86.85) | |||||||||
Dividend per share (yen) | None | None | None |
(2) Profile of CareNet |
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(1) | Company name | CareNet, Inc. | ||||||||||
(2) | Head office | 1-5-6 Kudan-minami, Chiyoda-ku, Tokyo | ||||||||||
(3) | Representative | Katsuhiro Fujii, President and COO | ||||||||||
(4) | Main business |
Provides pharmaceutical sales support for pharmaceutical companies
Provides medical content for physicians and other health care professionals |
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(5) | Capital | 627 million yen | ||||||||||
(6) | Established | July 1996 | ||||||||||
(7) |
Major shareholders and shareholding ratios
(as of June 30, 2018) |
CareNet Innovation Investment Limited Partnership | 28.64% | |||||||||
BNYM Non-Treaty DTT | 7.42% | |||||||||||
Astem Inc. | 6.20% | |||||||||||
Vital-Net, Inc. | 3.72% | |||||||||||
Millennium Partners Co., Ltd. | 3.65% | |||||||||||
KSK Co., Ltd. | 2.48% | |||||||||||
Motoyasu Ohno | 2.42% | |||||||||||
UBS Securities LLC–HFS Customer Segregated Account | 1.62% | |||||||||||
Kanji Fujii | 1.54% | |||||||||||
Goldman Sachs International | 1.37% | |||||||||||
(8) | Relationships with partnering companies | Relationship with SanBio | ||||||||||
Capital relationship |
Toru Kawanishi, Executive Chairman and Co-CEO of SanBio, owns
1.30% of outstanding shares in CareNet (as of June 30, 2018). |
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Personal relationship | Not applicable | |||||||||||
Business relationship | Based on an outsourcing agreement, CareNet has received orders for market research from SanBio. | |||||||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||||||
Relationship with CareNet Innovation | ||||||||||||
Capital relationship | CareNet Innovation owns 28.64% of outstanding shares in CareNet (as of June 30, 2018). | |||||||||||
Personal relationship | Not applicable | |||||||||||
Business relationship | CareNet and CareNet Innovation have concluded an equity alliance agreement. | |||||||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||||||
Relationship with Medical Incubator | ||||||||||||
Capital relationship |
Mitsuhiro Hata, Director of Medical Incubator, owns 0.75% of
outstanding shares in CareNet (as of June 30, 2018).
Medical Incubator owns 28.64% of outstanding shares in CareNet through CareNet Innovation, which Medical Incubator manages as a general partner (as of June 30, 2018). |
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Personal relationship | Motoyasu Ohno, Chairman and CEO of CareNet, was appointed as Chairman & Co-CEO of Medical Incubator. | |||||||||||
Business relationship | CareNet and Medical Incubator have concluded a business alliance agreement and a consortium agreement. | |||||||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||||||
Relationship with Vital KSK Holdings | ||||||||||||
Capital relationship | Vital-Net and KSK (subsidiaries of Vital KSK Holdings) respectively owns 3.72% and 2.48% of outstanding shares in CareNet (as of June 30, 2018). | |||||||||||
Personal relationship | Not applicable | |||||||||||
Business relationship | Not applicable | |||||||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||||||
Relationship with Astem | ||||||||||||
Capital relationship | Astem owns 6.20% of outstanding shares in CareNet (as of June 30, 2018). | |||||||||||
Personal relationship | Not applicable | |||||||||||
Business relationship | CareNet and Astem have concluded an agreement regarding cooperation on DVD sales. | |||||||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||||||
(9) | Consolidated earnings and financial position for the last three fiscal years* | |||||||||||
Fiscal year ended | December 2015 | December 2016 | December 2017 | |||||||||
Total net assets (million yen) | 1,424 | 1,528 | 1,904 | |||||||||
Total assets (million yen) | 1,723 | 2,029 | 2,778 | |||||||||
Net assets per share (yen) | 131.40 | 140.80 | 176.57 | |||||||||
Net sales (million yen) | 1,911 | 2,196 | 2,854 | |||||||||
Operating profit (million yen) | 153 | 194 | 407 | |||||||||
Ordinary income (million yen) | 147 | 197 | 408 | |||||||||
Net income attributable to parent company shareholders (million yen) | 132 | 158 | 464 | |||||||||
Net income per share (yen) | 12.25 | 14.62 | 42.64 | |||||||||
Dividend per share (yen) | 10.00 | 8.00 | 6.00 |
* Note: | CareNet carried out a two-for-one stock split effective October 1, 2017. Net assets per share and net income per share were calculated based on the assumption that the stock split was carried out at the beginning of the fiscal year ended December 31, 2015. |
(3) Profile of CareNet Innovation |
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(1) | Company name | CareNet Innovation Investment Limited Partnership | ||||||
(2) | Head office | 3-5-6 Kita-aoyama, Minato-ku, Tokyo | ||||||
(3) | Representative |
General partner: Millennium Partners Co., Ltd.
Mitsuhiro Hata, Managing Partner General partner: Medical Incubator Japan K.K. Jun Katsura, President & Co-CEO |
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(4) | Main business | Purchases and owns stocks, share acquisition rights, bonds with share acquisition rights, convertible bonds with stock acquisition rights, and other investment securities issued by companies | ||||||
(5) | Total capital | 1,360,636,638 yen | ||||||
(6) | Date established | November 25, 2008 | ||||||
(7) |
Investors and capital contribution ratios
(as of June 30, 2018) |
Astem Inc. | 48.70% | |||||
Vital-Net, Inc. | 29.22% | |||||||
KSK Co., Ltd. | 19.48% | |||||||
IC Solutions Co., Ltd. | 2.58% | |||||||
(8) | Relationships with partnering companies | Relationship with SanBio | ||||||
Capita relationship | Not applicable | |||||||
Personal relationship | Not applicable | |||||||
Business relationship | Not applicable | |||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||
Relationship with CareNet | ||||||||
Capital relationship | CareNet Innovation owns 28.64% of outstanding shares in CareNet (as of June 30, 2018). | |||||||
Personal relationship | Not applicable | |||||||
Business relationship | CareNet Innovation and CareNet have concluded an equity alliance agreement. | |||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||
Relationship with Medical Incubator | ||||||||
Capital relationship | Medical Incubator owns 0.01% of interest in CareNet Innovation as a general partner. | |||||||
Personal relationship | Medical Incubator is serving as the representative of CareNet Innovation as a general partner. | |||||||
Business relationship | Medical Incubator executes business operations of CareNet Innovation as a general partner. | |||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||
Relationship with Vital KSK Holdings | ||||||||
Capital relationship | Capital contributions from Vital-Net and KSK (subsidiaries of Vital KSK Holdings) account for 29.22% and 19.48%, respectively, of total capital in CareNet Innovation. | |||||||
Personal relationship | Not applicable | |||||||
Business relationship | Not applicable | |||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||
Relationship with Astem | ||||||||
Capital relationship | Astem contributed to 48.70% of total capital in CareNet Innovation (as of June 30, 2018). | |||||||
Personal relationship | Not applicable | |||||||
Business relationship | Not applicable | |||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||
(9) | Consolidated earnings and financial position for the last three fiscal years | |||||||
Because CareNet Innovation is an unlisted company, its earnings results and financial position shall not be disclosed. |
(4) Profile of Medical Incubator |
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(1) | Company name | Medical Incubator Japan K.K. | ||||||
(2) | Head office | 3-5-6 Kita-aoyama, Minato-ku, Tokyo | ||||||
(3) | Representative | Jun Katsura, President & Co-CEO | ||||||
(4) | Main business |
Investment activities specializing in the healthcare field
Incubation services for companies involved in development and sales of healthcare products and services |
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(5) | Capital | 50 million yen | ||||||
(6) | Date established | May 15, 2018 | ||||||
(7) |
Major shareholders and shareholding ratios
(as of June 30, 2018) |
Mitsuhiro Hata | 60.00% | |||||
Jun Katsura | 20.00% | |||||||
Motoyasu Ohno Office, Ltd. | 20.00% | |||||||
(8) | Relationships with partnering companies | Relationship with SanBio | ||||||
Capital relationship | Not applicable | |||||||
Personal relationship | Not applicable | |||||||
Business relationship | Not applicable | |||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||
Relationship with CareNet | ||||||||
Capital relationship |
Mitsuhiro Hata, Director of Medical Incubator, owns 0.75% of
outstanding shares in CareNet (as of June 30, 2018).
Medical Incubator owns 28.64% of outstanding shares in CareNet through CareNet Innovation, which Medical Incubator manages as a general partner (as of June 30, 2018). |
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Personal relationship | Motoyasu Ohno, Chairman and CEO of CareNet, was appointed as Chairman & Co-CEO of Medical Incubator. | |||||||
Business relationship | Medical Incubator have concluded a business alliance agreement and a consortium agreement with CareNet. | |||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||
Relationship with CareNet Innovation | ||||||||
Capital relationship | Medical Incubator owns 0.01% interest in CareNet Innovation as a general partner. | |||||||
Personal relationship | Medical Incubator is serving as the representative of CareNet Innovation as a general partner. | |||||||
Business relationship | Medical Incubator executes business operations of CareNet Innovation as a general partner. | |||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||
Relationship with Vital KSK Holdings | ||||||||
Capital relationship | Not applicable | |||||||
Personal relationship | Not applicable | |||||||
Business relationship | Vital KSK Holdings invests in CareNet Innovation, which Medical Incubator manages as a general partner. | |||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||
Relationship with Astem | ||||||||
Capital relationship | Not applicable | |||||||
Personal relationship | Not applicable | |||||||
Business relationship | Astem invests in CareNet Innovation, which Medical Incubator manages as a general partner. | |||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||
(9) | Consolidated earnings and financial position for the last three fiscal years | |||||||
Because Medical Incubator is an unlisted company, its earnings results and financial position shall not be disclosed. |
(5) Profile of Vital KSK Holdings |
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(1) | Company name | Vital KSK Holdings, Inc. | ||||||||||
(2) | Head office | 1-1-12 Tsurumaki, Setagaya-ku, Tokyo | ||||||||||
(3) | Representative | Taisuke Murai, President and CEO | ||||||||||
(4) | Main business | Corporate planning and management of group companies that operate pharmaceutical wholesale and retail businesses and other related businesses | ||||||||||
(5) | Capital | 5,000 million yen | ||||||||||
(6) | Date established | April 1, 2009 | ||||||||||
(7) |
Major shareholders and shareholding ratios
(as of March 31,2018) |
Suzuhiko Co., Ltd. | 8.66% | |||||||||
Mizuho Trust & Banking Co., Ltd. Employee pension trust | 3.91% | |||||||||||
Employee Stock Ownership Association of KSK Co., Ltd. | 2.73% | |||||||||||
Mitsubishi Tanabe Pharma Corporation | 2.57% | |||||||||||
Ken Suzuki | 2.36% | |||||||||||
Dainippon Sumitomo Pharma Co., Ltd. | 2.12% | |||||||||||
Cueco Co., Ltd. | 2.10% | |||||||||||
The Master Trust Bank of Japan, Ltd. (Trust Account) | 2.09% | |||||||||||
Takeda Pharmaceutical Company Limited | 2.05% | |||||||||||
Koichiro Suzuki | 1.81% | |||||||||||
(8) | Relationships with partnering companies | Relationship with SanBio | ||||||||||
Capital relationship | Not applicable | |||||||||||
Personal relationship | Not applicable | |||||||||||
Business relationship | Not applicable | |||||||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||||||
Relationship with CareNet | ||||||||||||
Capital relationship | Vital-Net and KSK (subsidiaries of Vital KSK Holdings) respectively owns 3.72% and 2.48% of outstanding shares in CareNet (as of June 30, 2018). | |||||||||||
Personal relationship | Not applicable | |||||||||||
Business relationship | Not applicable | |||||||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||||||
Relationship with CareNet Innovation | ||||||||||||
Capital relationship | Capital contributions from Vital-Net and KSK (subsidiaries of Vital KSK Holdings) account for 29.22% and 19.48%, respectively, of total capital in CareNet Innovation (as of June 30, 2018). | |||||||||||
Personal relationship | Not applicable | |||||||||||
Business relationship | Not applicable | |||||||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||||||
Relationship with Medical Incubator | ||||||||||||
Capital relationship | Not applicable | |||||||||||
Personal relationship | Not applicable | |||||||||||
Business relationship | Vital KSK Holdings invests in CareNet Innovation, which Medical Incubator manages as a general partner. | |||||||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||||||
Relationship with Astem | ||||||||||||
Capital relationship |
Vital-Net owns 0.52% of outstanding shares in Forest Holdings (as of
March 31, 2018).
Astem owns 0.35% of outstanding shares in Vital KSK Holdings (as of March 31, 2018). |
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Personal relationship | Yasuaki Yoshimura, Chairman of the Board of Astem, was appointed as the outside director of Vital KSK Holdings. | |||||||||||
Business relationship | Not applicable | |||||||||||
|
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | ||||||||||
(9) | Consolidated earnings and financial position for the past three fiscal years | |||||||||||
Fiscal year ended | March 2016 | March 2017 | March 2018 | |||||||||
Net assets (million yen) | 85,261 | 90,007 | 98,447 | |||||||||
Total assets (million yen) | 327,047 | 305,375 | 321,679 | |||||||||
Net assets per share (yen) | 1,504.04 | 1,586.61 | 1,735.04 | |||||||||
Net sales (million yen) | 621,040 | 581,079 | 565,589 | |||||||||
Operating profit (million yen) | 6,892 | 3,207 | 2,384 | |||||||||
Ordinary profit (million yen) | 10,584 | 6,987 | 6,276 | |||||||||
Profit attributable to owners of parent (million yen) | 6,556 | 4,778 | 4,467 | |||||||||
Basic earnings per share (yen) | 117.25 | 84.78 | 79.27 | |||||||||
Dividend per share (yen) | 24.00 | 20.00 | 20.00 |
(6) Profile of Astem |
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(1) | Company name | Astem Inc. | ||||||
(2) | Headquarters | 2-3-8 Nishi-omichi, Oita, Oita Prefecture | ||||||
(3) | Representative | Tsuguo Yoshimura, President | ||||||
(4) | Main business | Medical general trading company that handles healthcare-related products, systems, and services such as pharmaceutical drugs, medical devices, and diagnostic reagents | ||||||
(5) | Capital | 3,355 million yen | ||||||
(6) | Date established | May 27, 1948 | ||||||
(7) |
Major shareholder and shareholding ratio
(as of March 31, 2018) |
Forest Holdings Inc. | 100.0% | |||||
(8) | Relationships with partnering companies | Relationship with SanBio | ||||||
Capital relationship | Not applicable | |||||||
Personal relationship | Not applicable | |||||||
Business relationship | Not applicable | |||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||
Relationship with CareNet | ||||||||
Capital relationship | Astem owns 6.20% of outstanding shares in CareNet (as of June 30, 2018). | |||||||
Personal relationship | Not applicable | |||||||
Business relationship | Astem and CareNet have concluded an agreement regarding cooperation on DVD sales. | |||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||
Relationship with CareNet Innovation | ||||||||
Capital relationship | Capital contribution from Astem accounts for 48.70% of total capital in CareNet Innovation (as of June 30, 2018). | |||||||
Personal relationship | Not applicable | |||||||
Business relationship | Not applicable | |||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||
Relationship with Medical Incubator | ||||||||
Capital relationship | Not applicable | |||||||
Personal relationship | Not applicable | |||||||
Business relationship | Astem invests in CareNet Innovation, which Medical Incubator manages as a general partner. | |||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||
Relationship with Vital KSK Holdings | ||||||||
Capital relationship |
Vital-Net owns 0.52% of outstanding shares in Forest Holdings (as of
March 31, 2018).
Astem owns 0.35% of outstanding shares in Vital KSK Holdings (as of March 31, 2018). |
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Personal relationship | Yasuaki Yoshimura, Chairman of the Board of Astem, was appointed as the outside director of Vital KSK Holdings. | |||||||
Business relationship | Not applicable | |||||||
Affiliated party as prescribed in the Rules of Corporate Accounting | Not applicable | |||||||
(9) |
|
Consolidated earnings and financial position for the last three fiscal years | ||||||
Because Astem is an unlisted company, its earnings results and financial position shall not be disclosed. | ||||||||
4. Schedule
(1) | Date of resolution at each company’s Board of Directors meeting | September 10, 2018 | ||
(2) | Conclusion date of the Agreement | September 10, 2018 | ||
5. Outlook
The Agreement is likely to have minimal impacts on earnings of SanBio, CareNet, and Vital KSK Holdings for the current fiscal year. However, the companies believe that pioneering the establishment of appropriate use, adoption, and stable distribution of regenerative cell medicines in Japan, which are expected to spread widely in the coming years, will improve their earnings in the medium to long term.