Chemical companies in the US and Europe began exiting the pharmaceutical industry in the mid-1990s, when the British firm ICI spun off its Zeneca drug business. In Japan, many major chemical companies have stayed in the drug business and even enhanced their presence,

The Japanese chemical company has agreed to sell its pharmaceutical business to Bain Capital for more than $3 billion, in a bid to focus on its key businesses.

Japan's Mitsubishi Chemical said on Friday it will sell pharmaceutical unit Tanabe Mitsubishi Pharma to U.S. private equity firm Bain Capital in a deal worth 510 billion yen ($3.36 billion) as it seeks to streamline its portfolio.

Bain Capital is nearing a deal to buy Mitsubishi Chemical Group Corp.’s pharmaceutical unit, people familiar with the matter said, adding to a dealmaking boom in Japan.

TOKYO -- Japan's Mitsubishi Chemical Group announced on Friday the agreed sale of its pharmaceutical subsidiary, Mitsubishi Tanabe Pharma, to U.S. investment fund Bain Capital for approximately 510 billion yen ($3.36 billion), as it aims to turn around its sluggish core chemical business.

Tanabe Pharma focuses on therapeutic areas such as immunology and inflammation, vaccines, diabetes, and central nervous system and metabolic disease.

BAIN Capital is nearing a deal to buy Mitsubishi Chemical Group’s pharmaceutical unit, sources familiar with the matter said, adding to a dealmaking boom in Japan. Read more at The Business Times.

U.S. private equity firm Bain Capital has bought Mitsubishi Tanabe Pharma in a deal worth 510 billion yen ($3.4 billion), saying it was encouraged by prospects of regulatory change for Japan's drug industry.

Private equity firm Bain Capital (BCSF) is paying $3.4 billion to buy a 350-year-old Japanese drugs group fighting diabetes and cancer with