Mitsubishi Chemical has selected Bain as the preferred bidder, Nikkei said, citing Reuters.

TOKYO (Reuters) – Mitsubishi Chemical Group has selected U.S. investment fund Bain Capital as its preferred bidder for pharmaceutical plant Tanabe Mitsubishi Pharma, it said on Monday.

The company may sell Tanabe Mitsubishi’s Pharma unit to Bain Capital for $500 billion (more than $3.2 billion), according to the report.

Mitsubishi Chemical was not immediately available for comment outside regular business hours.

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

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