ブラックロック・ジャパン株式会社 Cuts Stake in 小野薬品工業 (4528) to 1.65% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that BlackRock Japan Co., Ltd. has reduced its stake in Ono Pharmaceutical Co., Ltd. (4528) to 1.65%. The Japanese subsidiary of the world's largest asset manager is behind this divestment. Ono Pharmaceutical develops, manufactures, and sells treatments for cancer immunotherapy and rare diseases, making its 1.65% stake a significant portion of the company's market capitalization.

Holding stake reduced by 0.17 points over 11 months

This is the fourth large shareholding report BlackRock Japan has filed for Ono Pharmaceutical. The initial disclosure came on September 3, 2025, when the stake stood at 1.52%. Over the following 11 months, the holding has been trimmed by 0.17 points, reaching 1.65% in the current report. The estimated sale value of ¥870 million reflects an ongoing process of position adjustment rather than a one-time exit.

Diversified holdings skewed toward chemicals and REITs

BlackRock Japan maintains holdings above 5% in 148 companies at this date. The highest stake is 3.79% in Japan High Purity Chemicals Co., Ltd. (4973, chemicals sector). Following positions include Japan Hotel REIT Investment Corporation at 2.79%, Orix Real Estate Investment Corporation at 2.73%, Daiwa House REIT Investment Corporation at 2.73%, and Japan Logistics Fund Inc. at 2.69%. Despite its massive asset base, BlackRock Japan keeps individual shareholdings relatively low, signaling a strong preference for diversification across chemicals, real estate investment trusts, and other sectors.

Mid-tier stake among disclosed shareholders

Within Ono Pharmaceutical's shareholder base, BlackRock Japan's 1.65% holding places it as a major foreign investor presence. Other disclosed large holders include Sumitomo Mitsui Trust Bank at 0.7%, showing a significant gap between the two entities. BlackRock Japan clearly occupies the top tier among large shareholders with disclosure requirements.

Valuation metrics in the pharmaceutical sector context

At the disclosure date, Ono Pharmaceutical traded at ¥2,301 per share. The company's PER (price-to-earnings ratio) stands at 13.6x, PBR (price-to-book ratio) at 1.28x, and its 52-week position in range at 69%. The PER suggests valuations in line with industry norms, while the 1.28x PBR indicates trading above book value. The 69% position within the 52-week range indicates the stock has traded toward the higher end of its recent volatility range.

*Speculation: The gradual stake reduction by a major global asset manager could reflect evolving investment positioning relative to the company's therapeutic pipeline and market dynamics in specialty pharma.