Towa Pharmaceutical (4553) | Japan M Update Acquiring Tanabe Pharma Factory to Strengthen Supply Capacity – Positive Key Takeaways Positive: We expect visibility on Towa's earnings growth to improve further. To date, the firm has commented on volume strategy that multiple collaboration projects are underway, and it will make timely disclosures alongside progress. We think the market is unlikely to view the move as a major surprise. Given the suggested strengthening of supply capacity and likelihood of negat ...