Mitsubishi Chemical picks Bain as most popular bidder for pharma unit, sources say

TOKYO/HONG KONG (Reuters) -Japan’s Mitsubishi Chemical Group has picked U.S. funding fund Bain Capital as the popular bidder for its pharmaceutical subsidiary, Tanabe Mitsubishi Pharma, in a deal that would worth it at over $3 billion, two folks with information of the state of affairs mentioned.

The 2 sides are in closing negotiations, mentioned one of many folks, declining to be named as the data is confidential.

Nikkei reported on Monday the corporate is prone to promote its Tanabe Mitsubishi Pharma unit to Bain Capital for greater than 500 billion yen ($3.2 billion).

Mitsubishi Chemical mentioned in a press release on Tuesday the Nikkei report was not introduced by the corporate.

“We’re repeatedly reviewing the perfect enterprise portfolio of the complete group for all of our companies, together with the Pharma enterprise, and are selling portfolio reform with all choices, together with divestiture, in thoughts,” the corporate mentioned.

Bain declined to remark.

Reuters reported in December that world personal fairness companies Blackstone (NYSE:BX) and Bain Capital had been amongst closing bidders for Mitsubishi Tanabe Pharma, in a deal that would worth it at between $3 billion and $3.5 billion.

($1 = 156.3500 yen)