Daiichi Sankyo cancels treasury stocks

Pharmacy supplier Daiichi Sankyo has announced the decision of its board of directors to cancel its treasury stocks.

The company said this decision was made pursuant to article 178 of Japanese corporate law.

In total, the firm will cancel 26 million shares of the common stock in the company, equal to 3.54 per cent of common shares issued before the cancellation.

The company will undertake this action on September 8th 2008.

Following this change, the company will have 709,011,343 issued shares, with the total number of treasury stock shares being 5,054,802.

Earlier this week, Daiichi Sankyo announced plans for an organisational restructuring.

The firm said it would establish a product marketing department to consolidate its pre-launch market research, evaluation of in-licensing candidates, drug development and strategic planning operations.

It also announced the phasing out of its old promotion management department and its replacement with one to oversee the advancement of market and product strategy policy.