Category: Headlines

The move follows Nissha’s decision to acquire a 60 per cent stake in USM Healthcare, as announced in January. The company has positioned the medical market as one of its priority markets and is working to achieve business expansion through company-wide efforts, with the company having set its sights on the areas of medical devices, pharmaceuticals, and healthcare products. USM Healthcare manufactures and sells products such as stents used in cardiology (devices used in catheter-based treatments that are minimally invasive) and devices used in orthopaedics. It has a vertically integrated system in place which encompasses processes spanning from product design and development to regulatory approval, manufacturing, and sales, giving the company a competitive edge in terms of pricing. As Vietnam’s only domestic manufacturer in the stent field, it has continued to grow in recent years on the back of preferential policies aimed at domestic medical devices in Vietnam, and further expansion is expected going forward. Drawing on this vertically integrated system, USM Healthcare also provides contract design/development and manufacturing organisation (CDMO) for medical device manufacturers. The medical devices market in Southeast Asia is rapidly expanding against the backdrop of economic development and improved standards of medical care. With a focus on the US, the company has previously aimed to expand its business regarding CDMO for medical devices. Through this acquisition, the company has newly acquired a business platform for medical device manufacturing in Southeast Asia. Taking full advantage of the Nissha Group’s customer bases in the US and Japan, the group’s knowledge on design, development and manufacturing in relation to CDMO for medical devices, as well as its quality management, the company will proceed with strengthening the existing businesses of USM Healthcare and making them more efficient while also encouraging geographic expansion in Southeast Asia. Source: https://vir.com.vn/nissha-completes-share-acquisition-of-usm-healthcare-153375.html

Law firms YKVN and Allens have advised on Lian SGP’s acquisition of a controlling stake in Vietnamese pharmaceutical giant Imexpharm from South Korea’s SK Group via a public tender offer. According to reports, Lian SGP, a Singapore-based entity wholly owned by China’s Livzon Pharmaceutical Group, purchased 104.5 million shares in Imexpharm for nearly VND6 trillion (USD227 million), giving it 67.8% ownership in the company. YKVN, led by Ho Chi Minh City-based managing partner Truong Nhat Quang and partner Ho Anh Tuyet, advised Lian SGP on various Vietnamese regulatory and compliance aspects. “Our work encompassed the structuring, documentation and execution of the public tender offer, the mandatory squeeze-out mechanism and its related regulatory constraints, delisting considerations, merger control filing, and post-closing corporate governance arrangements to facilitate a smooth transition following completion,” Ho told Asia Business Law Journal. Ho said the transaction involved multiple key elements, including co-ordination with regulators and stakeholders. “A key highlight of the transaction was the co-ordination of multiple regulatory workstreams arising from the public tender offer structure, particularly in dealings with the State Securities Commission and the Vietnam Competition Commission in connection with merger control approval,” she said. “Another notable aspect of the transaction was the involvement of a state-owned enterprise as a major shareholder of Imexpharm, which required close co-ordination among multiple stakeholders throughout the transaction process. Managing the regulatory workstreams and stakeholder engagement effectively was therefore an important element in achieving a successful outcome.” Allens, working closely with its global alliance firm Linklaters, advised SK Group on the Singaporean and Chinese law aspects of the deal. The team comprised partner and head of Vietnam Linh Bui, senior associates Thuy Linh Nguyen and Ngoc Nguyen, and associates Duong Anh and Tien Tran. The transaction represents a rare sale of a majority stake in a listed Vietnamese company by a foreign strategic shareholder. Following the acquisition, Lian SGP intends to maintain Imexpharm’s existing business strategy while building on its portfolio of pharmaceutical products manufactured under EU-GMP standards. Source: https://law.asia/ykvn-allens-lian-sgp-imexpharm-sk-group-vietnam-pharma-acquisition/

Bank Australia and P&N Group have announced they are exploring a merger that would create one of Australia’s largest customer-owned banks, with combined assets exceeding $30 billion and a national footprint of over 530,000 customers. The two banks signed a Memorandum of Understanding (MoU) on Thursday, signalling the beginning of formal due diligence. If their boards agree to proceed, members will vote on the proposed merger in the first half of 2027, subject to regulatory approvals. The merged entity would bring together Bank Australia’s strong east coast presence – which itself expanded following its merger with Qudos Bank in July 2025 – with P&N Group’s footprint in Western Australia and regional New South Wales through its P&N Bank and BCU Bank brands. Leadership and structureUnder the proposed terms, P&N Group’s Andrew Hadley would serve as managing director and chief executive of the merged entity, while Bank Australia’s Damien Walsh would explore other career options following a successful completion. Bank Australia Chair Jennifer Dalitz would take the inaugural chair role, with P&N Group chair Gary Humphreys serving as deputy chair. All non-executive employees have been offered roles in the merged organisation, with the registered head office to be based in Melbourne and state offices maintained in Perth, Sydney, and Brisbane. “This potential merger creates a unique opportunity to build Australia’s leading customer-owned bank with the scale to invest in better services, technology and security,” said Dalitz, “while growing our ability to drive positive social and environmental impact on behalf of our customers.” Humphreys echoed the sentiment, describing Bank Australia as “a financially resilient organisation with an established brand, clear strategic direction, and a well-established track record of delivering positive outcomes for customers and communities”. What it would mean for customersBoth banks have committed to retaining all existing branches across Victoria, Western Australia, New South Wales, the ACT, and Queensland, with the merged entity to review branch needs over time. All current brand names would be retained on day one, with a transition to the Bank Australia brand planned as soon as practical. The merged bank would remain 100% customer-owned, operating Australian-based call centres on both coasts to extend customer support across time zones – a logistical advantage that neither institution currently holds independently. Source: https://www.mpamag.com/au/news/general/bank-australia-and-pn-group-to-explore-30bn-merger/575216

Southeast Building Supply Interests (SBSI), a growing platform of lumber and building materials distribution (LBM) businesses serving builders and professional contractors across the Southeast U.S., announced the acquisition of Builders Supply Company (“Builders Supply”), further expanding SBSI’s footprint in Tennessee. This transaction builds on SBSI’s existing presence in the state through Wallace Building Supply and reinforces its commitment to serving contractors through a growing network of local operations. This acquisition adds three Builders Supply locations to SBSI’s growing network, bringing the company’s total footprint to 14 locations throughout the Carolinas, Georgia, Alabama and Tennessee. Anchored in Tullahoma, TN, with a location in nearby Monteagle, Builders Supply has grown into a multi-location LBM operation serving contractors, homebuilders, and remodelers across the mid-state with a broad portfolio of building materials and construction solutions. Its offerings span dimensional lumber, engineered wood products, millwork, windows and doors, roofing, siding, plumbing, electrical and related products, all supported by value-added services such as jobsite delivery, value engineering, product sourcing, and project coordination. Through its multi-branch footprint and service-oriented model, Builders Supply has established itself as a reliable partner for contractors across its markets, known for consistent execution, product expertise, and strong customer relationships. Current owners Bubba Ingleburger and Carl Dixon will continue with Builders Supply’s operations in Advisory roles, partnering closely with SBSI President Tom Tolleson and the broader SBSI leadership team to support continued growth and investment across the business. SBSI’s partnership model provides local LBM operators with the infrastructure, operational support, and resources needed to grow their businesses while preserving their entrepreneurial culture and strong community ties with single family and multifamily builders, remodelers and specialty contractors. Tom Tolleson, president of SBSI, said: “Builders Supply is a highly respected operator with a strong presence across Middle Tennessee. Expanding alongside Wallace Building Supply allows us to deepen our coverage in the state and better serve builders and contractors with enhanced scale and capabilities. We are excited to welcome Bubba, Carl, and the entire Builders Supply team to the SBSI family.” Bubba Ingleburger and Carl Dixon, owners of Builders Supply, added: “Our focus has always been on supporting our customers with the products and services they need to succeed. Partnering with SBSI gives us additional resources to invest in our locations, our people, and our capabilities, while continuing to operate the business the way our customers expect.” Matt Ogden, BIP founder and managing partner said “Despite a still-challenging U.S. residential construction and remodeling market, SBSI is hitting its operational stride and is now in full-throttle growth mode, both through organic initiatives and seeking acquisitions of great local family-owned LBM businesses. We’re proud of how the SBSI team has persevered and what they are accomplishing through a tough market environment”. SBSI intends to continue expanding across the Southeast U.S. by partnering with family-owned LBM dealers seeking a long-term partner that prioritizes employee experience, customer service, local leadership, and a buyer’s track record of success. The company provides operational and administrative support that reduces back-office burdens, enabling local teams to focus on sales, service, and community engagement. ESL Advisors advised the seller. SBSI is sponsored by Building Industry Partners (“BIP”), the leading private equity investment firm focused on the U.S. building industry. Holland & Knight served as legal counsel to SBSI, and Parkway Capital and First Merchants Bank supported the transaction. Source: https://www.lbmjournal.com/industry-news/mergers-acquisitions/press-release/15824888/southeast-building-supply-interests-southeast-building-supply-interests-acquires-builders-supply-company

Corrs Chambers Westgarth and Mallesons have advised on a merger between Vault Minerals and Regis Resources to establish a new Australian Securities Exchange (ASX)-listed gold company with a pro forma market capitalisation of around AUD10.7 billion (USD7.7 billion). Corporate partner Russell Philip led the Corrs Chambers Westgarth team in advising Vault Minerals. “Aside from matters relating to the Australian Securities and Investments Commission and the Australian Securities Exchange (ASX) in connection with a change of control transaction, the Corrs competition team advised on the Australian merger clearance requirements in relation to the proposed transaction,” Philip told Asia Business Law Journal. Mallesons, spearheaded by Perth M&A corporate team head Nigel Hunt, counselled Regis Resources. “As noted in the scheme implementation deed, Regis has considered the new Australian Competition and Consumer Commission (ACCC) mandatory merger regime clearance, which is one of the conditions precedent for the transaction, and has undertaken due diligence across the full range of regulatory matters relating to Vault and its operations,” Hunt told ABLJ. Under the agreement, Regis will acquire 100% of the fully paid ordinary shares in Vault. In exchange, Vault shareholders will receive 0.6947 new fully paid ordinary shares in Regis for each Vault share held. The combined company would have high-quality assets across five Western Australian operating hubs with annual production exceeding 700,000 ounces from a combined mineral resource base of approximately 20.5 million ounces, as well as a strong balance sheet and a compelling organic growth pipeline, said Philip. The transaction is subject to approvals from the board, Vault shareholders, the court and regulatory matters as well as ACCC clearance. Completion is expected between 1 August and 30 September 2026. Source: https://law.asia/vault-regis-gold-merger/

The FDA granted breakthrough therapy designation to TERN-701 for adults with Philadelphia chromosome-positive CML without the T315I mutation. erck & Co (MSD) has completed its acquisition of Terns Pharmaceuticals, expanding its pipeline of treatments for chronic myeloid leukaemia (CML). Following a successful tender offer and subsequent merger, the companies announced the completion of the transaction, making Terns a wholly owned subsidiary of MSD. The US Food and Drug Administration (FDA) recently granted breakthrough therapy designation to TERN-701. The designation covers adults with Philadelphia chromosome-positive CML in the chronic phase without the T315I mutation, who were previously treated with two or more tyrosine kinase inhibitors. It was supported by ongoing data from the Phase I/II CARDINAL trial. MSD completed the cash tender offer through a subsidiary, buying all outstanding Terns common stock at $53 per share, without interest and subject to applicable tax withholding. The tender expired on 4 May 2026. A total of 100.1 million shares, or 86.36% of outstanding Terns stock, were validly tendered and not withdrawn. MSD accepted all such shares in line with the offer’s terms and will promptly pay for them accordingly. Following the tender completion, MSD will purchase all outstanding Terns shares at the time of the merger. With this, Terns is now a wholly owned subsidiary, and its shares will no longer be traded on the Nasdaq Global Select Market. The transaction will be treated as an asset acquisition, resulting in a charge to research and development of $5.8bn ($2.35 per share) within the second quarter and full year 2026 reported results. Generally accepted accounting principles (GAAP) and non-GAAP earnings per share are expected to be negatively impacted by $0.12 per share in 2026, reflecting advancement and financing costs for TERN-701. TERN-701 is a novel oral investigational allosteric breakpoint cluster region::abelson murine leukaemia viral oncogene homolog 1 (BCR::ABL1) tyrosine kinase inhibitor. It binds to the ABL myristoyl pocket, with the potential to improve therapies for CML. Merck chairman and CEO Robert Davis said: “The Terns acquisition reflects Merck’s continued focus on science-driven, value-enhancing business development aimed at bringing meaningful innovation to patients. “We believe TERN-701 has the potential to become a differentiated treatment option for certain patients with chronic myeloid leukaemia, and we look forward to working with the Terns team to advance its clinical development.” Last month, MSD and Google Cloud formed a multi-year partnership, investing up to $1bn, to advance agentic AI enterprise transformation. Source: https://www.pharmaceutical-technology.com/news/msd-concludes-terns-acquisition/?cf-view

SX-listed companies Regis Resources and Vault Minerals have agreed to merge as equals through a Vault scheme of arrangement, under which Regis will acquire 100% of the fully paid ordinary shares in Vault. Under the scheme, Vault shareholders will receive 0.6947 new fully paid ordinary shares in Regis for each Vault share held. Upon implementation of the scheme, Regis shareholders will own about 51% and Vault shareholders will own about 49% of the combined company. The merger creates Australia’s next major gold producer with a globally significant gold production of 700 000 oz/y across five high-quality operating assets across Western Australia; a strong debt-free balance sheet and significant cash generation to fund the next phase of growth; and a large mineral endowment of six-million ounces of reserves and 20.5-million ounces of resources. The merger offers both companies diversificiation to its portfolio, scale and enhanced operational resilience, as well as the ability to realise cost efficiencies of more than A$500-million, including in corporate tax and through lower cost of capital. The combined entity will be led by Russell Clark as nonexecutive chairperson and Regis CEO Jim Beyer as MD and CEO. The combined company’s board will comprise of four directors from each of the current Regis and Vault boards. Beyer says the merger creates Australia’s third-largest primary ASX-listed gold producer, which demands global recognition. Beyer and Vault CEO Luke Tonkin agree that the transaction represents a compelling opportunity for shareholders to retain meaningful ownership and governance influence while gaining exposure to a larger, more resilient gold company with enhanced scale, diversification and balance sheet strength. They echo the view that the merger company will be better positioned to deliver sustained production, enhanced reserve replacement and long-term value creation across gold price cycles. The merger is expected to be effective around August or September this year. Source:https://www.miningweekly.com/article/regis-vault-merger-creates-australias-next-major-gold-producer-2026-05-05

The BreakdownThe Japan Fair Trade Commission has given the green light to the proposed merger of polyolefin businesses of Mitsui Chemicals, Idemitsu Kosan, and Sumitomo Chemical. This consolidation signifies a pivotal shift in the Japanese specialty polymers landscape, aiming to bolster competitiveness, streamline value chains, and reinforce resilience in the face of volatile macroeconomic pressures and global supply disruptions. In parallel, sector players are recalibrating their capital positions through equity offerings and are contending with supply challenges related to raw materials, particularly naphtha, against a backdrop of geopolitical instability. The result is a fundamental rebalancing of the industry’s market structure and operational dynamics. Analyst ViewThe consolidation of key polyolefin players fundamentally reshapes the demand and growth outlook for specialty chemicals and polymers in Japan. The merger, arriving on the heels of financial restructuring by Sumitomo Chemical and its pharma affiliate, reflects an urgent need for scale, capital efficiency, and operational agility as global volatility intensifies. With recent equity- and debt-raising activities signposting a defensive pivot, the industry’s largest players are fortifying their balance sheets to weather raw material shocks and margin compression. Competitive alternatives are being squeezed; smaller operators will find it increasingly difficult to match the merged entities on pricing, product innovation, and the ability to absorb supply chain shocks. Meanwhile, regulatory authorities’ willingness to clear such a high-impact merger implies a policy climate that currently favors domestic consolidation to preserve industrial competitiveness. Market receptivity will depend on rapid integration, proven ability to manage risks, and the adoption of advanced recycling and sustainability technologies—as demonstrated by commercial moves in PMMA chemical recycling. Channel partners and value chain stakeholders should anticipate near-term disruption as portfolio realignments unfold and supply contracts are renegotiated. Downstream customers, especially in packaging and automotive, may experience shifts in sourcing strategies and pricing dynamics as the newly consolidated entity asserts strategic market leadership. Navigating the SignalsFor specialty chemical and polymer leaders, the strategic imperative is clear: prepare for a market defined by greater scale, increased integration, and intensified competition for both feedstock and customers. Heightened geopolitical risk and energy uncertainty—evidenced by the sector’s response to the Iran crisis and Japan’s naphtha stockpiling—underscore the need to secure and diversify input streams and enhance supply chain resilience. Internally, critical questions arise around how to leverage new market structures: Can current product portfolios and technological capabilities deliver differentiated value in a consolidated environment? Are strategic partnerships and M&A necessary to remain relevant? How robust are risk management strategies for price volatility and regulatory shifts? Decisive execution and agility in reassessing supply agreements, customer segmentation, and innovation pipelines will differentiate tomorrow’s winners. Source: https://breakthroughgroup.com/market_watch/mitsui-chemical-idemitsu-kosan-sumitomo-chemical-japan-fair-trade-commission-approves-merger-of-ce7f59dfd889f626/

Stryker is picking up vascular devices maker Amplitude Vascular Systems, while Avanos Medical is being taken private in a spate of medtech M&A deals announced this week. The first deal is a note of good news for Stryker, which had been busy working through a cyberattack on its systems in March by the pro-Iran group Handala Hack in response to U.S. and Israeli military strikes. Although financial details weren’t provided, the company said in an April 13 press release that the acquisition is subject to customary closing conditions. The Amplitude platform uses pulsed CO₂-generated pressure waves delivered through an IVL balloon catheter that fractures calcium and optimizes luminal gain, improving catheter deliverability, treatment speed and therapy efficiency. “This acquisition represents an important step in advancing our vision to build a comprehensive peripheral vascular platform and address significant unmet clinical needs,” Kevin Lobo, Stryker’s chair and chief executive, said in the release. “Combining this innovation with Stryker’s scale and clinical expertise, we believe we can help expand treatment options for physicians and improve care for patients with calcified peripheral arterial disease.” For the second deal, publicly traded Avanos Medical is being taken private by American Industrial Partners in an all-cash deal that values the company at an enterprise value of $1.272 billion, the company said in an April 14 press release. Terms of the deal will give Avanos shareholders $25 per share in cash for each share of common stock they own, representing a premium of around 72% relative to the company’s closing stock price on April 13, 2026, the last full trading day prior to the announcement of the transaction. The deal is expected to close in the second half of the year. “Our agreement with AIP is a milestone for Avanos that reflects the strong momentum across the business,” Gary Blackford, Avanos’ chairman, said in the release. “After careful consideration alongside our independent advisors, we are confident this agreement with AIP represents the right path forward for Avanos and its stockholders.” The company focuses on non-opioid pain management and enteral feeding solutions, including feeding tubes and related systems. Source: https://www.fiercebiotech.com/medtech/stryker-makes-buy-avalon-go-private-spate-medtech-ma-deals

Already the largest biopharma company in India, generics powerhouse Sun Pharma has doubled in size with its acquisition (PDF) of women’s health leader Organon. With its $11.75 billion buyout, Sun has picked up a drugmaker that matched the $6.2 billion in sales that it generated in 2025. Sun is paying $14 per share, which is a 24% premium on Organon’s closing price on Friday. It is also a more than 100% premium on Organon’s share price at the start of April. With the agreement, which is expected to close by early 2027, Sun’s stock increased by 7%, while Organon’s jumped by 17%. The deal, which is the largest ever by an Indian biopharma, the company said, will boost Sun’s portfolio of innovative medicines and will catapult it to No. 7 among the world’s top sellers of biosimilars, the company said in its release. While Indian companies are exempt from paying tariffs on the generic products they export to the United States, Sun’s U.S. sales have declined recently, prompting it to boost its presence in branded products and biosimilars. Organon’s stock had been weighed down by “heavy headwinds,” according to Evercore ISI analyst Umer Raffat, citing the New Jersey company’s debt, its oncoming loss of exclusivity of contraceptive implant Nexplanon and its “bad M&A to digest,” which is a reference to Organon’s $1.2 billion 2024 buyout of Dermavant. The acquisition brought non-steroid skin cream Vtama, which achieved sales of $128 million in 2025, coming up short of the $150 million target the company set at the start of the year. Since it was spun out of Merck in 2021, Organon’s sales have been stagnant, toggling between $6.2 billion and $6.4 billion for each of the last four years. The company, however, brings “excellent people from Merck” and an “excellent set of legacy Merck brands,” Raffat wrote in his note to clients. Source: https://www.fiercepharma.com/pharma/sun-pharma-strikes-biopharmas-largest-deal-26-1175b-buyout-organon