US private equity firm Bain Capital has agreed to acquire Mitsubishi Chemical Group’s pharmaceutical unit Mitsubishi Tanabe Pharma in a deal valued at approximately Y510bn ($3.3bn).
The transaction follows a sale process initiated by Mitsubishi Chemical Group in September 2024, as reported by Nikkei Asia. In the 7 February announcement, the parent company said that continuous additional investments are essential for enhancing R&D capabilities and achieving further growth. It added that Bain’s expertise in healthcare investment was a key reason for its selection, offering Mitsubishi Tanabe “multifaceted support from a new partner deeply knowledgeable in the pharmaceuticals business”. The deal is expected to close in Q3 2025.
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In December 2024, sources told Reuters that private equity firm Blackstone was also interested in a deal for Mitsubishi Tanabe along with Bain, valuing the company at between $3bn and $3.5bn.
Bain life sciences partner Ricky Sun states that Japan’s regulatory environment is evolving, with government initiatives aimed at accelerating drug development and approval: “This is an exciting opportunity to leverage our team’s clinical insights and company creation support to build out a scale platform focused on long-term fundamental drug development in areas of significant unmet need to ultimately bring transformative medicines to patients in Japan and globally.”
Mitsubishi Tanabe, based in Osaka, Japan, develops treatments mainly for central nervous system disorders, immuno-inflammation, and oncology. The company has been expanding its pipeline with a number of deals over the last few years. In January 2025, Mitsubishi entered a licensing agreement with Lonza’s subsidiary Synaffix to advance antibody-drug conjugate (ADC) programmes. Under the agreement, Synaffix will manufacture ADC-related components while Mitsubishi will oversee the research, development, and commercialisation of the programme. Financial terms for this agreement were not disclosed.
In December 2024, Mitsubishi Tanabe Pharma announced a research collaboration with Boston, Massachusetts-based Dewpoint Therapeutics, with a deal valued for up to $480m. The partnership focuses on a preclinical amyotrophic lateral sclerosis (ALS) programme. Mitsubishi also has its own ALS treatment Radicava (edaravone), which was approved by the US Food and Drug Administration (FDA) in 2017.
Other deals include one with Moderna for mRNA vaccines, and Eli Lilly Japan for the distribution and marketing of its GIP/GLP-1 receptor agonist blockbuster Mounjaro (tirzepatide).
