Mitsubishi Chemical picks Bain as preferred bidder for subsidiary, Nikkei says By Reuters

TOKYO (Reuters) – Mitsubishi Chemical Group has selected U.S. investment fund Bain Capital as the preferred bidder for its pharmaceutical subsidiary Tanabe Mitsubishi Pharma, it said on Monday.

The company is likely to sell its Tanabe Mitsubishi Pharma unit to Bain Capital for more than ¥500 billion ($3.2 billion), the report said.

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

In December, Reuters reported that global private equity firms Blackstone ( NYSE: ) and Bain Capital were among the final bidders for Mitsubishi Tanabe Pharma, which could be valued at between $3 billion and $3.5 billion.

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