Mitsubishi Chemical Group Picks Bain Capital as Preferred Bidder for Pharmaceutical Subsidiary
Mitsubishi Chemical Group has chosen U.S. investment fund Bain Capital as the preferred bidder for its pharmaceutical subsidiary, Tanabe Mitsubishi Pharma, according to a report on Monday. The company is likely to sell its Tanabe Mitsubishi Pharma unit to Bain Capital for more than 500 billion yen, which is equivalent to approximately $3.2 billion.
This development comes after Reuters reported in December that global private equity firms Blackstone and Bain Capital were among the final bidders for Mitsubishi Tanabe Pharma, with a deal value ranging from $3 billion to $3.5 billion.