Karuna Baio Saiensu (4572) said its board on Oct. 19, 2026 approved the issue of ¥187.2 million of fifth-series unsecured convertible bonds to Cantor Fitzgerald Europe via third-party allotment, at a conversion price of ¥302.4 that could yield up to 687,830 new shares.
The bonds are one of three series, the fourth through sixth, under a convertible bond issuance program the company agreed with Cantor Fitzgerald Europe on Sept. 28, 2026. They are priced at ¥90 per ¥100 of face value, carry an annual coupon of 1.0% and will be redeemed at par. The stock acquisition rights require no separate payment, and the bonds carry no conversion-price reset clause.
The conversion price equals 90% of the company's Oct. 16 closing price of ¥336 on the Tokyo Stock Exchange. Independent valuer Akasaka Kokusai Kaikei used a Monte Carlo simulation to value the bonds at ¥79.9-¥90.2 per ¥100 of face value, and the company said the terms were not especially favorable to the allottee.
Including the fourth and sixth series and new shares allotted to Daisuke Gomi and kaya holdings, the overall financing breaks down as follows:
| Item | Amount |
|---|---|
| Convertible bonds (series 4-6) | ¥561.6 million |
| New shares | ¥850.1 million |
| Estimated issuance costs | ¥42.0 million |
| Estimated net proceeds | ¥1.37 billion |
Proceeds will fund clinical development of BTK inhibitor docirbrutinib (AS-1763) and CDC7 inhibitor monzosertib (AS-0141), preclinical programs, compound research and working capital.
If all the bonds are converted (assuming the sixth series converts at the same price as the fifth), 1,883,596 shares would be issued. Combined with the 2,075,900 new shares, that equals 19.17% of the 20,652,469 shares outstanding as of June 30, 2026.
Separately, the company signed a Clinical Trial Agreement on Oct. 5 with The University of Texas MD Anderson Cancer Center for an investigator-initiated Phase 1b trial of monzosertib, to be led by Dr. Abhishek Maiti of the Department of Leukemia.
Payment for the fifth series is due Nov. 4, 2026. The first interest payment falls on Dec. 31, 2026, with subsequent payments on March 31, June 30, Sept. 30 and Dec. 31 each year. The bonds mature Nov. 2, 2029.
| Hikari Tsushin, Inc. | |
| Offer price | ¥1,000 per common share |
| M&A / TOB | 1 |
| Guidance | 0 |
| Buybacks | 0 |
| Dividends | 0 |
| Capital | 0 |
| Earnings | 0 |
| People | 0 |
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