Osaka, Japan. February 28, 2019 -Notice is hereby given that Linical Co., Ltd. (hereinafter referred to as "Linical"), at the meeting of its Board of Directors held on 28 February 2019, resolved to establish a wholly owned subsidiary in people’s republic of China as described below;
１．Purpose of the establishment
Linical group, a global clinical development partner, is expanding its network and business overseas (i.e. the U.S., Europe, Asia) to further strengthen its capability of delivering a one-stop comprehensive service to meet the needs for and increasing demands of multinational clinical trials from clients. Linical has an affiliate company in Beijing, China since the acquisition of Accelovance, Inc. last year. Linical Accelovance China Ltd. (Beijing, hereinafter “LAC”) under Linical Accelovance America, Inc., has been conducting business in China since 2005. In order to respond to the increasing need for clinical trials in China and to enhance client satisfaction in speed, quality and convenience, Linical intends to establish Linical China Co., Ltd. in Shanghai, China as a wholly owned subsidiary. Moving forward, Linical aims to reinforce our global business by expanding into uncovered areas to meet the various needs from clients worldwide including China. The optimal organization structure in China will be examined in the medium to long term.
２．Overview of the Subsidiary
1) Company name : Linical China Co., Ltd. (planned)
2) Location : Shanghai, people’s republic of China
3) Representative officer : (Mr.) Jun Kawai (Executive Vice President and Head of Quality Control of Linical Co., Ltd.)
4) Main business lines : CRO business
5) Capital : RMB 1,000,000 (approx. JPY 16,000,000 *1) (planned)
6) Establishment date : July 2019 (planned)
7) Fiscal year end : 31 December
8) Ownership ratio : 100％ owned by Linical Co., Ltd.
*1: Calculated on the basis of 1RMB＝16.54JPY (Inter-bank rate as of 27 Feb 2019)
*2: Fiscal year is fixed under Chinese law.
３．Schedule
- Date of resolution : 28 February 2019
- Expected date of Establishment (planned): July 2019
４．Future outlook
The establishment of the subsidiary will have no significant effect on the consolidated operating results of Linical Co., Ltd. for the fiscal year ending 31 March 2019.
END
Notes: This is a summary translation of the press release original drafted in Japanese for the disclosure required in compliance with the TSE regulations.