Tokyo-listed healthcare company GNI Group has agreed to acquire 100% of Ayumi Pharmaceutical Holdings from a shareholder group led by Blackstone in a deal valuing the Japanese drugmaker at about 44.8 billion yen ($280 million).
The acquisition will make Ayumi a wholly owned subsidiary of GNI and significantly expand the Tokyo-listed biopharmaceutical company’s commercial footprint in Japan. The combined group is expected to generate about 65.2 billion yen ($406.5 million) in revenue in fiscal 2026.
“By integrating Ayumi’s robust domestic commercial infrastructure and market-leading pain management portfolio into our network, we are uniquely positioned to bring a greater pipeline of innovative products directly to patients facing unmet medical needs across Japan,” said GNI CEO Ying Luo. Blackstone, Toho, and Hisamitsu will become the group’s new shareholders following the transaction, he said.
For Blackstone, the portfolio marks its first control private equity investment in Japan. Atsuhiko Sakamoto, head of private equity at Blackstone Japan, said the firm had worked with management to strengthen the business, accelerate growth and establish a leading market position.
Ayumi specialises in pain management and rheumatology treatments. Its flagship product, Calonal, accounts for more than 80% of Japan’s acetaminophen market, according to the company. The business reported revenue of approximately 38.5 billion ($240 million) and operating profit of 6.2 billion yen ($38.6 billion) for the fiscal year ended March 2026.
GNI said the acquisition would provide a recurring revenue platform in Japan, expand its presence in rheumatology, orthopedics and pain management, and enhance its ability to commercialise overseas drugs and biosimilars in the country.
Following the deal, the combined company will focus on five therapeutic areas: fibrosis, pain management, rheumatology, oncology and orthopedics.
