Nippon Shinyaku (4516) Update on deramicoel sales contract termination and motion for injunction

Research evidence excerpt

Nippon Shinyaku (4516) Update on deramicoel sales contract termination and motion for injunction

J P M O R G A N Asia Pacific Equity Research

18 June 2026

Nippon Shinyaku (4516) Neutral

4516.T, 4516 JP

Update on deramiocel sales contract termination and Price (17 Jun 26):¥3,971

motion for injunction Price Target (Dec-26):¥4,000

There was an update on June 17 regarding the lawsuit filed by Capricor Japan Equity Research

Therapeutics against Nippon Shinyaku concerning deramiocel. The US District

Biotechnology & Pharmaceuticals/

Court of New Jersey heard oral arguments about Capricor’s motion to remand Medical Technologies & Services

regarding Nippon Shinyaku’s transfer of trial venue to federal court, accepted AC Seiji Wakao, Ph.D.

Capricor’s motion, and remanded the case to state court. The court also denied

(81-3) 6736-8612

Nippon Shinyaku and NS Pharma’s motion to compel arbitration. However, this seiji.wakao@jpmorgan.com

decision did not address the merits of arbitration but was based on the federal Yugo R. Kamimura, Ph.D.

court’s lack of jurisdiction over the case and its decision not to rule on the matter. (81-3) 6736-8635

yugo.kamimura@jpmorgan.com

The substantive issues of whether the contract can be terminated and whether a Naoko Saito

sales injunction will be granted will be deliberated at a future date. Since there is (81-3) 6736-8693

a possibility of resolution through arbitration, we will continue to monitor future naoko.saito@jpmorgan.com

developments. Regarding the motion for a preliminary injunction related to the US JPMorgan Securities Japan Co., Ltd.

sales contract (see our report here), a court date has not been set, but given the case

was remanded to state court, a court date might be set, so we will keep an eye out

for this.

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