Dec 25 Japan's Mitsubishi Chemical Holdings Corp plans to acquire drug capsule maker Qualicaps Co from U.S.-based Carlyle Group for about 50 billion yen ($589.66 million) including debt, the Nikkei business daily said.
The deal is likely to be completed by next spring, the business daily reported.
Nikkei also said Mitsubishi Chemical's consolidated operating profit was likely to decline 8 percent to around 120 billion yen for the year through March 31. In October, the paper had projected an operating profit of 125 billion yen.
Operating profit is likely to fall about 60 percent to 17 billion yen for the petrochemicals segment, while growing 3 percent to 79 billion yen for the pharmaceutical segment, it added.
The acquired Qualicaps manufactures capsules for both drugs and health food, and produces conventional gelatin capsules as well as plant-based capsules that do not easily react with pharmaceutical substances, the paper said.
Mitsubishi Chemical, which has been downsizing its sluggish domestic commodity-grade petrochemicals business and focusing on drug-related operations, plans to tap Qualicaps' capsule technologies to beef up its drug business centered around subsidiary Mitsubishi Tanabe Pharma Corp, Nikkei said.