Bain said to near deal to buy DSM-Sinochem Group JV firm for up to $698m

Photo: Reuters

Buyout firm Bain Capital is nearing an agreement to acquire the pharmaceutical joint-venture of Dutch chemicals firm Royal DSM NV and China’s Sinochem Group, according to people with knowledge of the matter.

A deal for the closely held business, known as DSM Sinochem Pharmaceuticals or DSP, could be could be announced as early as Friday, the people said, asking not to be identified because the matter is private. DSP could fetch about 600 million euros ($698 million), including payments conditional on the future performance of the business, one of the people said.

Singapore-based DSP develops and sells antibiotics, statins and anti-fungals as well as pharmaceutical ingredients, according to its website. It has manufacturing sites in countries from China and India to Egypt, the Netherlands and the U.S. The joint venture was formed in 2010, when DSM sold a 50 percent stake in its penicillin operation to Sinochem Group, ending a six year-search for a partner.

The talks are still ongoing and could fall apart, the people said. Representatives for Bain and DSM declined to comment, while Sinochem and DSP didn’t immediately respond to requests for comment.

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Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.