Japan's Marubeni to buy Sumitomo Pharma's Asia business for $300m

TOKYO -- Japanese trading house Marubeni said Tuesday it will purchase a majority stake in Sumitomo Pharma's drug sales business in Asia for roughly 45 billion yen ($301 million).

Sumitomo Pharma will spin off its Asian business, and Marubeni will acquire a 60% stake in the unit. The transaction is set to close in the July-September quarter of this year.