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.

Following rumblings of a private equity bidding war late last year, Bain Capital has emer | Bain Capital is laying out 510 billion Japanese yen ($3.3 billion) to acquire Mitsubishi Tanabe Pharma in a carve-out transaction from its parent Mitsubishi Chemical Group.

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.

The investment firm is acquiring Mitsubishi Tanabe Pharma in a deal valued at $3.3 billion. Elsewhere, Bausch + Lomb hasn’t yet found a suitor and a pair of biotechs cut staff.

Bain Capital said the deal came about following several recent initiatives by the Japanese government and regulators to “accelerate the development and approval of innovative medicines in the Japanese market.

Private equity firm Bain Capital agreed to acquire Mitsubishi Chemical Group’s pharmaceutical unit, adding to a dealmaking boom in Japan. Read more at The Business Times.

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.

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.