Toho Holdings has made an acquisition proposal to PHC Holdings and is expected to proceed to the final bidding stage as early as next week. Toho HD is considering diversification to reduce its dependence on the pharmaceutical wholesaling business.
Toho Holdings’ submission of an acquisition proposal to PHC Holdings came to light on the 1st, and the company is reportedly expected to proceed to the final bidding stage as early as next week. PHCHD operates a business that develops and sells medical equipment, and the move is seen as an effort to establish a structure less dependent on pharmaceutical wholesaling.
KKR, a US investment fund, is PHCHD’s largest shareholder, holding approximately 38% as of the end of March 2026. Through the acquisition proposal, Toho HD is seeking to reorganise the business portfolio of the group, including PHCHD, and expand into business areas beyond pharmaceutical wholesaling.