GNI Group to acquire Ayumi Pharmaceutical for ¥44.8 billion

GNI Group Co. agreed to acquire Ayumi Pharmaceutical Holdings from Blackstone-led shareholders for ¥44.8 billion, creating a large-scale pharmaceutical platform in Japan with combined revenue of ¥65.2 billion.

"This marks a monumental milestone in the execution of our long-term strategy to establish ourselves as a cross-Pacific biopharmaceutical powerhouse," said Ying Luo, president and CEO of GNI Group. "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."

Ayumi Pharmaceutical, which was Blackstone's first control private equity investment in Japan, reported ¥38.5 billion in revenue and ¥6.2 billion in operating profit for the fiscal year ended March 2026. Its flagship product, Calonal (acetaminophen), holds more than 80% of Japan's domestic acetaminophen market. The company also maintains a broad portfolio serving rheumatology and orthopedic patients through a nationwide commercial network reaching healthcare institutions across Japan.

The transaction diversifies GNI Group's geographic revenue base across Japan, China, and the United States while strengthening cash generation and creating cross-selling opportunities. The combined organization will focus on five therapeutic areas: fibrosis, pain management, rheumatology, oncology, and orthopedics. GNI Group also controls Gyre Therapeutics, a Nasdaq-listed biopharmaceutical company focused on fibrosis, inflammatory diseases, and cancer.

Atsuhiko Sakamoto, head of private equity at Blackstone Japan, said the firm partnered with Ayumi's management to strengthen the company's foundation and accelerate growth. Blackstone, along with Toho and Hisamitsu, will become new shareholders in GNI Group following the transaction.

The ¥44.8 billion deal values Ayumi at roughly 7.2 times its trailing operating profit, a multiple that reflects the strategic premium for a company with dominant market share in Japan's acetaminophen segment. The acquisition is expected to accelerate the introduction of innovative therapies, biosimilars, and internally developed products into the Japanese market through Ayumi's established market access and distribution capabilities.

For GNI Group, a Tokyo-based biopharmaceutical company with operations spanning Japan, China, the United States, and Australia, the deal represents its largest acquisition to date and a significant step toward building a cross-Pacific commercial platform. The company's pipeline targets fibrosis, cancer, inflammatory diseases, and pain, complementing Ayumi's established commercial portfolio in rheumatology and pain management.

This article is for informational purposes only and does not constitute investment advice.