Shionogi Buys China’s C&O

In a bid to establish a presence in China, Japanese drug firm Shionogi will pay roughly $185 million for most of C&O Pharmaceutical Technology. In addition to conducting its own internal R&D operations, C&O distributes other companies’ products in China, including Shionogi’s Flumarin antibiotics. The acquisition ties into the last phase of Shionogi’s three-part growth strategy, which began with restructuring its business, then focused on revitalizing its R&D organization, and now involves establishing a global footprint. C&O will be jointly run with Sumitomo Corp., which owns about 29% of the Chinese firm’s shares.