Mitsubishi Chemical has selected Bain as the preferred bidder for the pharmaceutical unit, sources told Reuters

TOKYO/HONG KONG (Reuters) – Japan’s Mitsubishi Chemical Group has selected U.S. investment fund Bain Capital as the top bidder for its pharmaceutical arm, Tanabe Mitsubishi Pharma, in a deal that could value it at more than $3 billion, two people familiar with the matter said. with the situation said.

The two sides are in final negotiations, said one of the people, who did not want to be named because the information is confidential.

reported on Monday that the company is likely to sell its Tanabe Mitsubishi Pharma unit to Bain Capital for more than 500 billion yen ($3.2 billion).

Mitsubishi Chemical said in a statement on Tuesday that the Nikkei company had not published the report.

“We are continuously reviewing the ideal group-wide business portfolio for all our businesses, including the pharmaceutical business, and are promoting portfolio reform with all options in mind, including a sale,” the company said.

Bain declined to comment.

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

($1 = 156.3500 yen)