Baring Asia buys Japanese drug maker from Tokio Marine
Monday, November 17, 2014
(AVCJ by Tim Burroughs) – Baring Private Equity Asia has agreed to buy Japan-based Bushu Pharmaceuticals from Tokio Marine Capital at an enterprise valuation of JPY77.3 billion ($670 million).
According to AVCJ Research, Tokio Marine-managed TMCAP2005 – a JPY32.6 billion fund raised in 2005 – purchased Bushu from Shionogi & Co. for JPY8.56 billion (then $93 million) in 2010. Baring Asia's acquisition represents the largest healthcare M&A deal announced in Japan so far this year. It is also the largest secondary buyout in over two years, and the ninth-biggest on record.
