We advised the international managers in connection with the IPO and TSE listing

Davis Polk advised the international joint lead managers and joint bookrunners in connection with the initial public offering of 22,088,000 shares of common stock and Tokyo Stock Exchange listing of PHC Holdings Corporation.

The shares were sold by PHC Holdings and KKR PHC Investment L.P., Mitsui & Co., Ltd., Life Science Institute, Inc. and Panasonic Corporation as the selling shareholders. The international managers have an over-allotment option with respect to 1,822,300 shares and the Japanese underwriters have an over-allotment option with respect to 1,490,800 shares. The global offering consisted of an offering in Japan and an international offering outside Japan pursuant to Rule 144A and Regulation S. Assuming full exercise of the over-allotment options, the aggregate proceeds of the global offering will be approximately ¥82.6 billion (approximately $728 million).

PHC Holdings is a diversified diagnostics and life sciences company serving global markets, with a heritage of precision capabilities and operational excellence in Japan and operating in more than 125 countries.

The Davis Polk corporate team included partner Jon Gray, counsel Christopher Kodama and associates Chihiro Sasaki and Paul Lee. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.

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