Otsuka gains 2pc following IPO

Shares of drugmaker Otsuka Holdings eked out a modest two per cent gain in their debut yesterday after the drugmaker priced its record-setting $2.4bn (£1.5bn) IPO conservatively, underscoring the sluggish market for new listings in Japan. The lacklustre first-day was widely expected due to investor worries over Otsuka’s heavy reliance on Abilify, a schizophrenia drug due to lose patent protection in 2015.