Otsuka Holdings to shift ReCor rights to medical device subsidiary

Otsuka Holdings said this week it plans to move renal denervation assets it acquired commercialization rights it acquired last year to its wholly-owned subsidiary, Otsuka Medical Devices.

The Japan-based company acquired the rights to commercialize ReCor Medical’s renal denervation technology last May after having invested in the company in 2014.

Otsuka said that its board of directors has voted to move the business to its subsidiary Otsuka Medical Devices in an attempt to “optimize the allocation of group resources” to “further strengthen the group’s business platform,” according to a press release.

The simplified company split will become effective on January 1, 2018, and includes the issuance of 80,000 shares of common stock to Otsuka Holdings.

Otsuka said that the split is expected to have “only minor impacts on the consolidated business results” since the move is to a wholly owned subsidiary.

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