sumitomo

Dainippon Sumitomo Pharma of Japan said Thursday that it would buy the American drug maker Sepracor for $2.6 billion, as it seeks to tap sales in the United States and expand the products in its pipeline.

Japanese drug company Dainippon Sumitomo Pharma Co. is acquiring U.S. drug maker Sepracor Inc. for about $2.6 billion in an effort to expand in the U.S. market, both sides said Thursday.

Dainippon Sumitomo Pharma of Japan said it would buy the U.S. drug maker Sepracor for $2.6 billion, as it seeks to tap sales in the U.S. and expand the products in its pipeline.

Sumitomo Mitsui Financial Group, which suffered a steep loss last year, had said in April it would seek about $8 billion in the market.

The sale of its Japanese brokerage and investment units for $5.56 billion ends Citigroup’s ambitious yet short-lived push into the world’s second-biggest economy.

Sumitomo Mitsui is taking over Citigroup's Japan brokerage businesses, both sides said Friday, as part of a bigger plan to restructure the struggling U.S. bank.

Sumitomo Mitsui is taking over Citigroup's Japan brokerage businesses, both sides said Friday, as part of a bigger plan to restructure the struggling U.S. bank.

The deal is Japan's first acquisition of a leading brokerage by a bank.