Mitsubishi Chemical Selects Bain Capital for Pharma Sale

TOKYO (Reuters) – 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 Nikkei report on Monday.

The sale is expected to exceed 500 billion yen ($3.2 billion).

Mitsubishi Chemical was not immediately available for comment outside regular business hours.

Previously, Reuters indicated that global private equity firms Blackstone (NYSE:BX) and Bain Capital were among the final bidders, with the deal potentially valuing the unit between $3 billion and $3.5 billion.

($1 = 156.3500 yen)