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Gujarat Themis Biosyn has completed the acquisition of 100 per cent equity shareholding in MicroBiopharm Japan Co., Ltd. (MBJ), Japan, through Themis Biosyn Japan, a wholly owned subsidiary incorporated in Japan. The transaction, first announced on May 22, 2026, was closed following receipt of regulatory approvals and satisfaction of closing conditions.
The acquisition was made from funds managed or advised by T Capital Partners, a Japan-based private equity fund, for a total consideration of JPY 21.5 billion, funded through a mix of debt and equity. The transaction is expected to be EPS accretive for GTBL. The existing MBJ management team will continue to lead operations.
MBJ has over 60 years of experience and operates three GMP-compliant manufacturing plants with an FDA and PMDA inspection track record. For FY26, MBJ registered revenue of JPY 9.5 billion, with a business mix spanning Proprietary APIs/Intermediates, CDMO, CDMO Bio and Developed Pharmaceuticals (bio)/Non-Pharma. The company has serviced its top six customers for over two decades, with approximately 40 per cent of its revenue generated from outside Japan.
The acquisition accelerates GTBL’s transition towards becoming a fermentation-based, globally integrated CDMO. Through the acquisition, GTBL will enter precision fermentation through MBJ’s proprietary P450 enzyme library for hydroxylation, complementing GTBL’s existing fermentation strengths and reducing reliance on traditional chemical routes.
MBJ will also supply APIs and intermediates for oncology, immunosuppressants, peptides and antibiotics to global pharmaceutical companies, including Big Pharma, broadening GTBL’s product portfolio and revenue base.
The acquisition provides GTBL access to plasmid DNA, ADC conjugation and recombinant protein technologies. It also adds three GMP-compliant manufacturing sites with FDA and PMDA inspection track records, enabling access to regulated global markets and a CDMO platform spanning discovery, development and commercial manufacturing.
Approximately 40 per cent of MBJ’s revenues are generated from outside Japan, with relationships with pharmaceutical customers across Asia, Europe and North America. GTBL said this will enable cross-selling and market penetration.
The acquisition also provides an opportunity to leverage GTBL’s India manufacturing scale to improve cost competitiveness and drive margin expansion on high-value products.
Commenting on the completion of the acquisition, Dr. Sachin Patel, Managing Director, Gujarat Themis Biosyn Limited, said, “The successful completion of this acquisition marks a defining milestone in GTBL’s journey towards becoming a fermentation-based, globally integrated CDMO. MBJ brings to us over six decades of fermentation expertise, a proprietary P450 enzyme platform, and deep, long-standing relationships with leading global pharmaceutical companies. Together, we are well placed to expand our presence across various avenues including oncology, immunosuppressants, peptides and advanced biologics, while leveraging GTBL’s India manufacturing scale to drive growth. We warmly welcome the MBJ team, who will continue to lead operations, and look forward to building this platform together for a mutually rewarding journey ahead.”
Commenting on the completion of the acquisition, Shiota, CEO, MicroBiopharm Japan Co., Ltd, said, “This acquisition paves the way for a mutually rewarding journey, combining MBJ’s precision fermentation capabilities, biotechnology platforms, and strong relationships with leading pharmaceutical companies, with GTBL’s long-standing expertise in fermentation technology, large- scale manufacturing capabilities, and broad portfolio. Together, these complementary strengths will enable us to create greater value and, as part of the Themis Group, grow into a leading CDMO witha strong global footprint.”
Deloitte India acted as an exclusive financial advisor to GTBL, Tokyo International Law Office (TKI) Japan served as legal counsel and Avendus Capital acted as the exclusive financing arranger to GTBL on the transaction.
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