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.
Business deals
Mitsubishi Chemical to sell drug unit to Bain Capital for $3.3bn
Japanese chemical manufacturer focuses to revitalize core chemical business
With the sale, Mitsubishi Chemical Group will be free from having to make big investments to develop new drugs and able to spend more on revitalizing its core chemical business. (Photo by Yumi Kotani)
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