Japan's Otsuka to raise $2.8 bln in record pharma IPO | Reuters

UPDATE 2-Japan's Otsuka to raise $2.8 bln in record pharma IPO | Reuters: "Japanese drugmaker Otsuka Holdings plans to sell about $2.8 billion worth of shares in December, marking the world's largest initial public offering in the pharmaceuticals sector.

Japan's IPO market has been in the doldrums with the exception of Dai-ichi Life Insurance Co's (8750.T) $11 billion listing in April, which was the biggest IPO in Japan this year.

Otsuka Holdings, a two-year-old umbrella company for 145 subsidiaries and affiliates with 39,000 employees, is listing on the Tokyo Stock Exchange to fund rising costs for developing drugs and expanding its operations globally.

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