Tokio Marine hires Citi to sell drug company-Basis Point

HONG KONG, Sept 14 (Reuters) - Japanese private equity firm Tokio Marine Capital has hired Citigroup to advise on the sale of generic drug company Showa Yakuhin Kako Co, Basis Point reported on Wednesday, citing bank sources.

Japanese funds and strategic buyers are among potential bidders, the report said.

Tokio Marine Capital led a consortium to buy the asset from JAFCO Co for around 40 billion yen in 2008, equivalent to around $400 million including debt at that time.

The consortium included Polaris Capital Group and PineBridge Investments, formerly AIG Japan, the report said.

Bank of Tokyo-Mitsubishi UFJ arranged a 22 billion yen eight-year financing to back the original leveraged buyout. (Reporting by Stephen Aldred; Editing by Matt Driskill)