Sawai shares soar on takeover speculation
Shares in Japanese generic drugmaker Sawai Pharmaceutical hit a record-high on June 30, amid speculation that the firm may be the target of larger global rivals, keen to access the country's drug market. Specifically, Sawai's stock jumped 7.5% to 5,910 yen ($51.21) in morning trading after an industry trade journal reported that Israeli generics manufacturer Teva Pharmaceuticals was considering a takeover.
A Sawai spokesperson said that the firm had not received a takeover proposal from the Israeli group, adding that it was not in talks with any foreign companies regarding any potential alliance.
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