Blackstone and Bain Capital are said to be among the final bidders for the Japanese company’s Mitsubishi Tanabe Pharma, sources told Reuters Friday.
Two major global private equity firms are in play to bid for Mitsubishi’s pharma unit, with the deal potentially valued between $3 billion an $3.5 billion, Reuters reported Friday.
Sources told the publication that Blackstone and Bain Capital are among the final bidders for the Japanese company’s Mitsubishi Tanabe Pharma. Parent company Mitsubishi Chemical has reportedly engaged Goldman Sachs for the sale process. Bids are due December 24, Reuters wrote.
The potential for a deal came to light in September, when Mitsubishi Chemical responded to a news report by saying that it is continuously reviewing its business portfolio and exploring options for divestiture.
Tanabe Pharma’s pipeline includes therapies for the central nervous system, immune-inflammation and oncology. The unit recently reported sales revenue of 232.5 billion yen ($1.51 billion) at the halfway point of its fiscal year.
