Document:

Share Handling Regulations of Sankyo

 Exhibit 4.5 

 [English Translation] 
  
  
 SHARE HANDLING REGULATIONS 
  
 Established May 30, 1967 
 Amended May 30, 1975 
 Amended December 3,
1979 
 Amended October 1, 1982 
 Amended March 24, 1992 
 Amended August 1, 1994 
 Amended October 1, 1994 
 Amended April 1, 2000 
 Amended January 15, 2002 
 Amended August 1,
2002 
 Amended April 1, 2003 
  
 SANKYO COMPANY, LIMITED 
  
  

 1 

 [English Translation] 
  
 SHARE HANDLING REGULATIONS 
  
 CHAPTER 1 GENERAL PROVISIONS 
  
 Article 1 (Purposes) 
  
 The handling procedures relating to the shares of the Company and fees therefor shall be governed by these Regulations pursuant to Article 7 of the Articles of Incorporation. Provided, however, that the handling
procedures with respect to the beneficial owners shall be governed by the securities depositary center (the “Center”) as well as these Regulations. 
  
 Article 2 (Place of Business and Forwarding Offices) 
  
 The handling of shares under these Regulations shall be taken of by UFJ Trust Bank Limited (address: 1-4-3, Marunouchi, Chiyoda-ku, Tokyo), the transfer agent of the
Company, and its principal business office, place of business and forwarding offices are as follows: 
  
 Principal Business Office 
 1-4-3, Marunouchi, Chiyoda-ku, Tokyo 
 Stock Transfer Agency Department, UFJ Trust Bank
Limited 
  
 Place of Business 
 7-10-11, Higashisuna, Koto-ku, Tokyo 
 Stock Transfer Agency Department, UFJ Trust Bank Limited 
  
 Forwarding Offices 
 Domestic branch offices of UFJ Trust Bank Limited 
 Head office and domestic branch offices of Nomura Securities
Co., Ltd. 
  
 Article 3 (Number of Shares constituting One Unit and Denominations
of Share Certificates) 
  

	1.	The number of shares constituting one unit of the Company shall be one hundred (100) shares. 

  

	2.	The Company shall issue 8 types of share certificates in denominations of 1, 5, 10, 50, 100, 500, 1,000 and 10,000 shares; provided, however, that the Company may also issue share
certificates denominating less than 100 shares, if necessary. 

  

	3.	Shareholders may not request the issuance of the share certificates described in the preceding paragraph with notation of shares less than one unit (the “Shares Less than One
Unit”) except in cases where the issue of such share certificate is approved by laws or ordinances. 

  
 Article 4 (Procedure of Request and Filing) 
  

	1.	Any, request, filing, notice or application made in connection with these Regulations shall be in the form prescribed by the Company and shall be affixed with the sender’s seal
together and include the address and name of the person who is in charge of such procedure. 

  

	2.	If the Company deems it necessary, it may request a shareholder to submit a certificate or a guarantee when any request, filing, notice or application is made under the preceding
paragraph. 

  

 2 

 [English Translation] 
  
 Article 5 (Agent) 
  
 If the request or filing under these Regulations is to be made or given by an agent, a document evidencing the agent’s authority to so act shall be submitted.

  
 Article 6 (Amendment of these Regulations) 
  
 No amendment to these Regulations shall become effective other than by a resolution of the
Board of Directors. 
  
 CHAPTER
2    REGISTRATION OF TRANSFER OF SHARES 
  
 Article 7
(Registration of Transfer) 
  

	1.	In case of an application for the registration of a transfer of shares, the application shall be submitted together with the relevant share certificates. 

 

	2.	To request the registration of a transfer of shares for shares acquired by means other than by assignment, the application and the relevant share certificates shall be submitted
together with a document evidencing the cause of such acquisition; provided, however, that share certificates shall not be required to be submitted if they have not yet been issued. 

  

	Article	8 (Registration of Transfer in cases specifically provided for in Laws or Ordinances) 

  
 If a specific procedure for the transfer of shares is required by law or ordinance, the application and the relevant share certificates
shall be submitted together with a document evidencing the completion of such procedure. 
  
 Article 9 (Entry in the Register of the Beneficial Owners) 
  
 The entry or record in the beneficial owner register shall be made in accordance with the notifications from the Center concerning the beneficial owner and the beneficial owner’s cards. 
  
 Article 10 (Beneficial Shareholder’s Cards) 
  
 A beneficial owner shall submit their beneficial owner’s cards through a participant.

  
 Article 11 (Matching and Identification of the Same Shareholders) 

 
 If, through a name and address cross-check, any shareholder registered or recorded in the
shareholder register is identified as being a beneficial owner as well, the number of shares of that shareholder and beneficial owner shall be combined with respect to the exercise of that shareholder’s rights. 
  
 CHAPTER 3    REGISTRATION OF PLEDGES AND NOTATIONS OF
TRUST PROPERTY 
  
 Article 12 (Registration of Pledge and Cancellation Thereof)

  
 Registration of a pledge or a change or cancellation thereof shall be
requested by submiting the request form with joint signatures of the pledgee and pledgor together with the relevant share certificates; provided, however, that the registration of pledge shall not be newly requested for the Shares Less than One
Unit. 
  

 3 

 [English Translation] 
  
 Article 13 (Notation of Trust Property and Cancellation Thereof) 
  
 Notation of trust property or a change or cancellation thereof shall be requested by submiting the request form with the signature of a
trustor or trustee together with the relevant share certificates; provided, however, that the notation of trust property shall not be requested for Shares Less than One Unit. 
  
 CHAPTER 4    NON-POSSESSION OF SHARE CERTIFICATES 
  
 Article 14 (Notice of Non-possession of Share Certificates) 
  
 A shareholder who does not desire to possess the share certificates shall submit the written
notice of non-possession of share certificates together with the relevant share certificates; provided, however, that it shall not be required to submit share certificates if the share certificates have not been issued. 
  

	Article	15 (Request for Delivery of Share Certificates in respect of Non-possession of Share Certificates) 

  

	1.	If a shareholder who has given notice of non-possession of share certificates in accordance with the preceding paragraph desires to have the share certificates issued or returned to
him or her, such shareholder shall submit an application to that effect. 

  

	2.	In case of the preceding paragraph, the Company may request for submission of the Notice for the Acceptance of Application for Non-possession of the Share Certificates which the
Company have previously delivered or any written certification substituting thereof and a receipt of the share certificates; provided, however, that if the Company had handled a notice of non-possession of share certificates as non-issued share
certificates, no request shall be made for delivery of the share certificates representing Shares Less than One Unit. 

  
 CHAPTER 5    NOTIFICATIONS 
  
 Article 16 (Address, Name and Seal) 
  

	1.	Shareholders, beneficial owners, registered pledgees or their legal representatives shall file notification of their addresses, names and seals; provided, however, that foreigners
may substitute signatures for seals. 

  

	2.	In case of changes in the matters to be notified under the preceding paragraph, the relevant shareholders, beneficial owners, registered pledgees or their legal representatives
shall file notification to that effect. 

  

	Article	17 (Provisional Address or Proxy of Shareholders, etc. Residing Abroad) 

  
 Shareholders, beneficial owners, registered pledgees or their legal representatives residing in foreign countries shall determine their provisional addresses or appoint
their proxies in Japan and file notification of their addresses or proxies. This procedure shall apply in case of any change occurring in the matters notified. 
  

Article 18 (Change of Surname, Given Name, Trade Name, etc.) 
  
 The notification of changes in surname, given name, trade name or other matters shall be submitted together with the relevant share certificates, a certified extract from
the family or corporate register evidencing the changes, and other similar documents. 
  

 4 

 [English Translation] 
  
 Article 19 (Appointment, Change or Discharge of Legal Representatives such as a Person having Parental
Power or Guardian) 
  
 The notification of appointment, change or discharge of
legal representatives such as a person having parental power, guardian or others shall be submitted together with the relevant share certificates, a certified extract from the family register evidencing the appointment, change or discharge, and
other similar documents. 
  
 Article 20 (Appointment or Change of Representative
for Jointly Owned Shares) 
  
 Shareholders or beneficial owners owning shares
jointly shall appoint one representative for them and submit the relevant share certificates and the written consent of all of such shareholders or beneficial owners. This procedure shall apply in case of a change of such representative. 

 
 Article 21 (No Requirement to Submit Share Certificates) 
  
 The share certificates shall not be required to be submitted if the share certificates have
not been issued in accordance with the procedures set forth in the preceding three Articles, or in case of the notification by a shareholder who has given notice of non-possession of share certificates in accordance with the provisions of Article 14
or the notification for changes of entry in the beneficial owner register. 
  
 Article 22 (Representative of a Corporation) 
  
 If a shareholder or a
beneficial owner is a corporation, notification shall be filed designating one representative for such corporation. In case of a change in the representative, notification thereof shall be filed together with a certified extract from the corporate
register. 
  
 Article 23 (Special Provisions for Notification of Beneficial
Owners) 
  
 The notification by the beneficial owners as set forth in this Chapter
shall be made through a participant; provided, however, that a change in the registered seal shall not be required to be made through a participant. 
  
 CHAPTER 6 REGISTRATION OF LOST SHARE CERTIFICATES 
  
 Article 24 (Application for Registration of Lost Share Certificates and Application for Cancellation Thereof) 
  

	1.	An application for the registration of lost share certificates shall be submitted together with a document evidencing acquisition of the share certificates, a document evidencing
the loss of the share certificates, and an identification document such as a certificate of seal registration and other documents (the “Identification Documents”); provided, however, that in the case of an application for the registration
of lost share certificates by a nominee of the share certificates lost, such nominee is not required to submit a document evidencing acquisition of the share certificates nor Identification Documents. 

  

	2.	Persons who have applied for the registration of lost share certificates pursuant to the preceding paragraph and who wish to cancel such registration shall submit an application
requesting cancellation of such registration. 

  

	Article	25 (Application for Objection Against Registration of Lost Share Certificates) 

  

An application for objection against the registration of lost share certificates shall be submitted together with the relevant share certificates and Identification
Documents; provided, however, that in the case of an application for objection against the registration of lost share certificates by a nominee of share certificates, such nominee is not required to submit Identification Documents. 
  

 5 

 [English Translation] 
  
 Article 26 (Invalidation of Share Certificates) 
  
 Share certificates that have been registered as lost share certificates shall be forfeited after one (1) year from the date immediately following the date on which the
registration of lost share certificates is made; provided, however, that this provision shall not apply to an application in accordance with Paragraph 2 of Article 24 or Article 25, or to the cases prescribed in Paragraph 2 of Article 230-7 of the
Commercial Code. 
  
 Article 27 (Application of Notification) 
  
 The provisions of Articles 16 through 23 shall apply mutatis mutandis to the
notification of change of entry or record in the lost share certificate register by an applicant who applied for registration of lost share certificates. 
  
 CHAPTER 7    REISSUE OF SHARE CERTIFICATES 
  
 Article 28 (Reissue of Share Certificates due to Stock Split or Consolidation) 
  
 An application for the issuance of new share certificates in connection with a stock split or consolidation shall be submitted together with the relevant share
certificates; provided, however, that no request for the issuance of new share certificates in connection with a stock split or consolidation may be made for any share certificates representing Shares Less than One Unit. 
  
 Article 29 (Reissue of Lost Share Certificates) 
  
 In the case of a request for the issuance of a new share certificate to replace a lost share
certificate that has been registered and forfeited, a request form shall be submitted. 
  
 Article 30 (Reissue of Share Certificates due to Disfigurement or Mutilation) 
  
 In the case of a request for the issuance of new share certificates due to disfigurement or mutilation of existing share certificates, the request form shall be submitted together with the relevant share certificates; provided, however,
that if it is difficult to ascertain the genuineness of the share certificates, the procedures provided for in Article 24 shall apply. 
  
 CHAPTER 8    PURCHASE OF SHARES LESS THAN ONE UNIT 
  
 Article 31 (Purchase of Shares Less than One Unit) 
  

	1.	A request to purchase Shares Less than One Unit shall be in writing and submitted together with the relevant share certificates; provided, however, that with respect to Shares Less
than One Unit no share certificates shall be required to be submitted if the share certificates have not been issued. 

  

	2.	A person requesting the purchase of Shares Less than One Unit may not withdraw such request. 

  

	3.	If a beneficial owner makes the request under paragraph 1, such beneficial owner shall submit the written request through its participants and the Center. 

 
 Article 32 (Determination of Purchase Price) 
  
 The purchase price of the Shares Less than One Unit requested to be purchased shall be the
amount calculated by multiplying the amount equivalent to the closing price on the market provided by the Tokyo Stock Exchange on the day on which the purchase request has been received at the place of business or forwarding office of the transfer
agent provided for in Article 2 by the number of shares requested to be purchased; provided, however, that if there is no closing price (sale or purchase transaction) on that day or such day falls on the holiday of the Tokyo Stock Exchange, then
such purchase price shall be the amount calculated by multiplying the amount equivalent to the price of the first transaction made thereafter by the number of shares requested to be purchased. 
  

 6 

 [English Translation] 
  
 Article 33 (Payment of Purchase Price) 
  

	1.	The purchase price of the Shares Less than One Unit requested to be purchased shall be paid to the requesting party on the fourth business day from the day on which the purchase
price has been determined and such request has been received by the business office provided for in Article 2; provided, however, that the purchase price of the shares which the request for such purchase is accepted at the forwarding offices
provided for in Article 2 shall be paid to the requesting party on the seventh business day from the day on which the purchase price has been determined and such request has been received by the forwarding offices. 

  

	2.	Notwithstanding the provisions of the preceding paragraph, if the purchase price includes dividends (including interim dividends; the same shall apply hereinafter), stock splits or
stock purchase warrants (including the rights to subscribe for bonds with stock purchase warrants; the same shall apply hereinafter), the purchase price shall be paid not later than the record date or allocation date. If the purchase price does not
include any of the above, the purchase price shall be paid on or after the date immediately following the record date or allocation date. 

  

	3.	In addition to the preceding two paragraphs, the Company may pay actual fees and costs, such as remittance fees, incurred from such payment out of any amount remaining after
deduction from such price. 

  
 Article 34 (Transfer of Title to
Shares Purchased) 
  
 Title to the shares requested to be purchased shall pass to
the Company on the day on which the procedure for payment of the purchased price set forth in Article 33 has been completed. 
  
 CHAPTER 9    FEES 
  
 Article 35 (Fees) 
  
 The fees for the handling of shares of the Company shall be free of charge except for the following: 
  
 Application for the registration of lost share certificates under Article 24 
 JPY10,000 per application 
 JPY500 per lost share certificate 
  
 SUPPLEMENTARY PROVISIONS 
  
 These Regulations
shall be effective on May 30, 1967. 
 Amended May 30, 1975 
 Amended December 3, 1979 
 Amended October 1, 1982 
 Amended March 24, 1992 
 Amended August 1,
1994 
 Amended October 1, 1994 
 Amended April 1, 2000 
 Amended January 15, 2002 
 Amended August 1, 2002 
 Amended April 1, 2003 
  

 7Regulations of the Board of Directors of Sankyo

 Exhibit 4.6 

 [English Translation] 
  
 REGULATIONS OF THE BOARD OF DIRECTORS 
  
 Established July 1, 1951 
 (Regulation No. 5 of 1951) 
  
 Amended October 1, 2003 
 (Regulation No. 128 of 2003) 
  
 Amended August 1, 2004 
 (Regulation No. 39 of 2004) 
  
 SANKYO COMPANY, LIMITED 
  
  

 1 

 [English Translation] 
  
  
 CONTENTS 
  

					
	 Article 1.
	    	 Purpose
	  	3
	 Article 2.
	    	 Convocation
	  	3
	 Article 3.
	    	 Person to Convene the Meeting of the Board of Directors
	  	3
	 Article 4.
	    	 Convocation Procedure
	  	3
	 Article 5.
	    	 Absence Procedure
	  	3
	 Article 6.
	    	 Chairperson
	  	3
	 Article 7.
	    	 Matters to be Resolved
	  	3
	 Article 8.
	    	 Method of Resolutions
	  	4
	 Article 9.
	    	 Matters to be Reported
	  	4
	 Article 10.
	    	 Attendance by Executive Officers or Other Persons
	  	4
	 Article 11.
	    	 Minutes
	  	4
	 Article 12.
	    	 Amendments to these Regulations
	  	4

  

 2 

 [English Translation] 
  
 Article 1 (Purpose) 
  
 These Regulations set forth the operation of the Board of Directors of the Company. Except as provided for in law, ordinance or the Articles of Incorporation, the matters
relating to the Board of Directors of the Company shall be governed by these Regulations. 
  
 Article 2 (Convocation) 
  
 An ordinary board
meeting shall, in principle, be convened monthly, and an extraordinary board meeting shall be convened at any time as necessary. 
  
 Article 3 (Person to Convene Meeting of Board of Directors) 
  
 A meeting of the Board of Directors shall be convened by the Chairman of the Board. If the office of the Chairman of the Board becomes vacant or the Chairman of the Board
is unable to so act, a meeting of the Board of Directors shall be convened by the President. 
  
 If the Chairman of the Board and the President are unable to so act, a meeting of the Board of Directors shall be convened by any Representative Directors. 
  
 Article 4 (Convocation Procedure) 
  
 A notice to convene a meeting of the Board of Directors containing date, time, place and agenda of important items shall be sent to each Director and Corporate Auditor on
or before three (3) days before the meeting date. 
  
 Notwithstanding the
foregoing paragraph, if the consent of all Directors and Corporate Auditors is obtained, the meeting of the Board of Directors may be held without following the convocation procedure. 
  
 Article 5 (Absence Procedure) 
  
 If a Director or Corporate Auditor is unable to attend a meeting of the Board of Directors for any cause, the Director or Corporate Auditor shall give notice to the
person who convened the meeting of the Board of Directors not later than the date immediately prior to the meeting date. 
  

	Article	6 (Chairman) 

  
 The Chairman of the Board shall act as chairman of the meeting of the Board of Directors. If the office of the Chairman of the Board becomes vacant or the Chairman of the Board is unable to so act, the President shall
act as chairman of the meeting. 
  
 If the Chairman of the Board and the President
are unable to so act, one of the other Representative Directors shall act as chairman of the meeting of the Board of Directors. If all Representative Directors are unable to act, a chairman shall be elected from among the Directors present.

  
 Article 7 (Matters to be Resolved) 
  
 The matters to be resolved by the Board of Directors shall be as set forth in the Schedule
attached hereto. The Representative Directors may determine any important matters which could not be resolved at a meeting of the Board of Directors due to an emergency. In this case, the Representative Directors shall report those matters at the
next meeting of the Board of Directors and obtain the approval thereof. 
  

 3 

 [English Translation] 
  
 If the conditions which formed the basis for a resolution have significantly changed after adoption of the resolution by the Board of
Directors, the Board of Directors shall cause the President to immediately report the details thereof. 
  
 Article 8 (Method of Resolutions) 
  
 Resolutions
of the Board of Directors shall be made by a majority vote of Directors present representing the majority of all Directors. 
  
 A Director who has a special conflict of interest in connection with a resolution shall not participate in such resolution. Moreover, no Director shall exercise his/her
voting right through a proxy. 
  
 Article 9 (Matters to be Reported) 

 
 The President shall, at lease once every month, or whenever any urgent matter occurs,
report to the Board of Directors on the matters relating to the execution of resolutions and the status of the business operations of the Board of Directors. 
  
 Article 10 (Attendance by Executive Officers or Other Persons) 
  
 The Board of Directors may, when necessary, request Executive Officers or other persons to attend a meeting of the Board of Directors and to provide explanations or
opinions. 
  
 Article 11 (Minutes) 
  
 A summary of the proceedings at each meeting of the Board of Directors shall be recorded in
the minutes. The Directors and Corporate Auditors present at the meeting shall write their names and affix their seals to the minutes. 
  
 Article 12 (Amendment to these Regulations) 
  
 No amendment to these Regulations shall become effective other than by a resolution of the Board of Directors. 
  

 4 

 [English Translation] 
  
 Schedule 
  
 Matters to be Resolved by the Board of Directors 
  

	
	 1.      Matters relating to Basis of Management
 (i)     Determination and material change of the Company-wide basic policies and medium and long-term business operations plan
 (ii)    Determination and material change of annual business operations plan and annual budget
 (iii)  Enactment, amendment and abolishment of the material company rules and regulations in the Company’s
business such as Regulations of the Board of Directors, Regulations of the Executive Officers, Share Handling Regulations, Regulations of the Nominating Committee and Regulations of the Compensation Committee
 (iv)   Determination and material change of merger, corporate partition, share exchange and share
transfer
 (v)    Determination and material change of transfer or acquisition of any material
business in the Company’s business
 (vi)   Determination of foray into new material business in
the Company’s business or withdraw from business
 (vii) Execution of any material agreements in the
Company’s business and material change of terms of such agreement

	 2.      Matters relating to Shares
 (i)     Issuance of new shares
 (ii)    Issuance of, approval
of transfer of and cancellation of stock purchase warrants
 (iii)  Capitalization of reserves

(iv)   Payment of interim dividend or determination of the amount thereof
 (v)    Determination of acquisition of treasury stock
 (vi)   Disposition of treasury stock
 (vii) Cancellation of treasury stock
 (viii)Stock splits

	 3       Matters relating to General Meeting of Shareholders
 Determination to convene the General Meeting of Shareholders (including dates, times and places), the agenda for and the matters to be discussed at that meeting, and the matters to be reported at that meeting

	 4.      Matters relating to Settlement of Accounts (Stand-alone or Consolidated)
 (i)     Approval of financial statements and supporting schedules
 (ii)    Approval of proposed quarterly settlement, semi-annual settlement and annual settlement

	 5.      Matters relating to Officers
 (i)     Appointment and removal of Representative Directors and Directors with Titles
 (ii)    Appointment and removal of Executive Officers and Executive Officers with Titles
 (iii)  Determination of assignment of duties of Directors and Executive Officers
 (iv)   Approval of competitive transactions of Directors
 (v)    Approval of transactions between Directors and the Company involving a conflict of interest
 (vi)   Appointment and removal of Directors constituting the Nominating Committee and the Compensation Committee

	 6.      Matters relating to Personnel and Organization of Directors or Employees
 (i)     Appointment and removal of a general manager or employees in a higher position
 (ii)    Establishment, change and abolishment of a department or a larger organization
 (iii)  Change of location of head office or business office

  

 5 

 [English Translation] 
  

	
	 7.      Matters relating to Assets
 (i)     Gift of
an amount equal to more than 0.1% of the total assets(Note 1)
 (ii)    Forgiveness of claims of an amount equal to more than 0.1% of the total assets
 (iii)  Disposition of assets of value greater than 1% of the total assets (including lease and creation of a security
interest)
 (iv)   Acquisition of assets of value greater than 1% of the total assets (including
lease)
 (v)    Borrowing of an amount equal to more than 1% of the total assets (including
determination of a credit line, loan guarantee and discounting of notes)
 (vi)   In addition to the
above items, disposition or acquisition of assets, or borrowing of money, that may have a material effect on the Company’s business

	 8.      Matters Relating to Funds
 Issuance of
corporate bonds (including bonds with stock purchase warrants)

	 9.      Matters Relating to Affiliates(Note 2)
 (i)     Matters relating to establishment, merger, dissolution or others
of affiliates
 (ii)    With respect to the matters to be reported to the General Meeting of
Shareholders of affiliates, matters relating to the exercise of voting rights held by the Company on material matters in the Company’s business

	 10.    Litigation
 Filing of an action in which the amount equal to more than 1% of
the total assets is claimed, and determination of material policy to resolve the action such as proposal and acceptance of settlement of the action

	 11.    Other Matters
 Other matters prescribed in law, ordinance or the Articles of
Incorporation, or other material matters in the Company’s business that do not fall under the matters to be reported as listed above.

	(Note 1)	The total assets means the total assets in the latest balance sheet. The same shall apply hereinafter. 

	(Note 2)	Affiliates means the subsidiaries and affiliates provided for in the Regulations of Financial Statements, etc. The same shall apply hereinafter. 

  

 6

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