Daily Brief Japan: JSR Corp, Eisai Co Ltd, Tokyo Stock Exchange Tokyo Price Index Topix and more

In today’s briefing:

JIC To Launch ¥1 Trillion Takeover on JSR (4185)
Eisai Co (4523 JP): Alzheimer’s Drug Approaching Full FDA Approval; Other Countries to Follow Soon
Few Companies Are Serious About Ensuring Board Diversity, Spoiled by Lax “Effort Targets”

JIC To Launch ¥1 Trillion Takeover on JSR (4185)

The Nikkei followed by other media outlets revealed Saturday that the JIC (株式会社産業革新投資機構) were in talks with JSR Corp (4185 JP) to acquire the photoresist maker for ¥1 trillion.
JSR’s release (Japanese/English) noted that they are considering the matter, but no decision has been made. They note, however, a Board of Directors meeting on Monday 26 June 2023.
Articles suggest a Tender Offer “this year”, delisting next. ¥1 trillion is a 50% premium. Or 35%. I expect shares go limit up, then we will get more news post-close.

Eisai Co Ltd (4523 JP) is expected to receive full approval from the FDA for Alzheimer’s disease drug, Leqembi, as FDA advisory committee voted unanimously in support of the drug.
Leqembi application has been granted Priority Review, with PDUFA action date of July 6. Once the FDA grants traditional approval, broader Medicare coverage for Leqembi would begin the same day.
Leqembi is expected to receive approval in Japan, EU, and China in FY24. With these approvals, Leqembi is expected to become the top selling Alzheimer’s disease drug globally.

The “appointment of one female director at prime market company,” which 80% of companies have achieved, is an easy goal, but it’s impossible to ensure board diversity with one woman.
There is concern that this “effort target without penalty” will give companies an escape route for not promoting board diversity, even with the lax target of 30% by 2030.
Half of companies that set goals regarding female employees, but a few companies set goals regarding the %/number of board members and disclose “diversity” in skill-matrix for appointing board members.

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