Hisamitsu Shares Jump Most Since 1978 on $2.9 Billion Buyout

Hisamitsu Pharmaceutical Co. surged the most in more than 47 years after the Japanese maker of pain-relief patches announced it will go private in a management buyout valued at about ¥457 billion ($2.9 billion).

The shares jumped by the daily limit, closing 19% higher, the biggest gain since August 1978. The stock rose 16% a day earlier after Bloomberg reported of a potential deal involving an entity controlled by Chief Executive Officer Kazuhide Nakatomi, a member of Hisamitsu’s founding family.