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Sumitomo Chemical to take stake in nucleic acid startup

Japanese companies joining race to develop next-generation biomedicines

Sumitomo Chemical produces pharmaceutical intermediaries at a plant in Osaka.

TOKYO -- Japan's Sumitomo Chemical will make inroads into the emerging field of nucleic acid-based medicines, investing 4 billion yen ($35.7 million) in a domestic upstart.

The chemical maker is to acquire a nearly 20% interest in the company, Fukuoka Prefecture-based Bonac, through a new-share placement as soon as this month.

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