GNI Group agreed on 5 June to acquire all of Ayumi Pharmaceutical Holdings, a specialist in pain relief and rheumatology drugs, from shareholders led by Blackstone in a deal valuing Ayumi at about ¥44.8bn.
Why GNI Group is buying Ayumi Pharmaceutical Holdings
GNI, which has drug development operations centred in China, said Ayumi's domestic sales network in rheumatology and orthopaedics would complement its research and development pipeline. It expects combined revenue of about ¥65.2bn in fiscal 2026.
Deal terms and financing
GNI paid part of the price by issuing 9,974,291 new shares at ¥2,684 each to Blackstone's BCP Asia AYM Holding, Toho Holdings and Hisamitsu Pharmaceutical as a contribution in kind, worth about ¥26.8bn; the balance was paid in cash. GNI also injected about ¥2.5bn into Ayumi at completion.
Regulatory approvals and timing
GNI said on 1 July 2026 that it had acquired all of Ayumi's shares and completed the share issue.
Market context
Ayumi's flagship Calonal holds more than 80% of Japan's acetaminophen market. Blackstone's Japan private equity head described Ayumi as the firm's first control private equity investment in Japan.
