Hong Kong-based Baring Private Equity Asia said on Monday it has agreed to buy Japanese drugmaker Bushu Pharmaceuticals, valued at 77.3 billion yen ($668 million), from Tokio Marine Capital.
Bushu is a leading pharmaceutical contract manufacturing organisation (CMO) in Japan.
Japan’s CMO sector has grown fast since the Pharmaceutical Affairs Law was changed in 2005, allowing full-scale outsourcing of drug manufacturing, Baring Private Equity said in a statement. Baring will take a 100 percent stake in Bushu.
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