Following rumblings of a private equity bidding war late last year, Bain Capital has emer | Bain Capital is laying out 510 billion Japanese yen ($3.3 billion) to acquire Mitsubishi Tanabe Pharma in a carve-out transaction from its parent Mitsubishi Chemical Group.

Bain said its decision to buy Mitsubishi Tanabe is due to the “strong growth potential” of Japan’s healthcare industry.

The Japanese chemical company has agreed to sell its pharmaceutical business to Bain Capital for more than $3 billion, in a bid to focus on its key businesses.