* Deal announced as early as Tuesday-source
* Values Qualicaps at about 50 bln yen-Nikkei
* Second time lucky for Carlyle's efforts to sell it
Dec 25 Japan's Mitsubishi Chemical Holdings Corp
will acquire Qualicaps Co Ltd from U.S.-based Carlyle
Group LP, a person familiar with the matter said on
Tuesday, rewarding the buyout firm's second attempt to sell the
drug capsule maker.
The deal could be announced in Japan as early as Tuesday,
the person said on condition of anonymity because the details of
the transaction are confidential. Carlyle declined to comment
and Mitsubishi Chemical did not respond to a request for
Nara, Japan-based Qualicaps makes hard two-piece capsules
and related manufacturing equipment used in the pharmaceutical
and dietary supplement industries. It was acquired by Carlyle in
2005 from Shionogi & Co Ltd.
Washington, D.C.-based Carlyle appointed GCA Savvian Corp
and UBS as financial advisers for the sale of Qualicaps, Reuters
Loan Pricing Corporation (RLPC) reported on Sept. 26, citing
Carlyle first tapped UBS at the end of 2010 to sell
Qualicaps but failed to attract bidders as this coincided with
the $2.38 billion sale of Pfizer Inc's Capsugel, a
US-based capsule maker significantly larger than Qualicaps,
according to RLPC.
The sale to Mitsubishi Chemical would value Qualicaps at
about 50 billion yen ($589.7 million), including debt, the
Nikkei business daily reported on Monday. The transaction is
likely to be completed by next spring, Nikkei 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 added.