GNI Group Co., Ltd. has announced an agreement to acquire 100% of the shares of Ayumi Pharmaceutical Holdings Co., Ltd. from shareholders led by Blackstone, valuing the company at approximately ¥44.8 billion. The transaction will make Ayumi Pharmaceutical a wholly owned subsidiary of GNI Group and significantly expands the Tokyo-based biopharmaceutical company’s commercial presence in Japan. Following the transaction, GNI Group expects combined fiscal 2026 revenue to reach approximately ¥65.2 billion.
Ayumi Pharmaceutical is a specialty pharmaceutical company with leading positions in pain management and rheumatology. Its flagship product, Calonal acetaminophen, holds more than 80% of Japan’s domestic acetaminophen market, and the company maintains a broad portfolio of products serving rheumatology and orthopedic patients through a nationwide commercial network reaching healthcare institutions throughout Japan. For the fiscal year ended March 2026, Ayumi Pharmaceutical reported revenue of approximately ¥38.5 billion and operating profit of approximately ¥6.2 billion on a consolidated basis. Blackstone, which made Ayumi its first control private equity investment in Japan, will become a new shareholder in GNI Group following the transaction alongside Toho and Hisamitsu.
The acquisition establishes a large-scale pharmaceutical platform in Japan that GNI Group said will accelerate the introduction of innovative therapies, biosimilars, and internally developed products into the Japanese market. The combined organization will focus on five key therapeutic areas: fibrosis, pain management, rheumatology, oncology, and orthopedics, and will diversify GNI Group’s geographic revenue base across Japan, China, and the United States. GNI Group is headquartered in Japan with operations spanning Japan, China, the United States, and Australia, and has a controlling interest in Gyre Therapeutics, Inc., a Nasdaq-listed biopharmaceutical subsidiary focused on fibrosis, inflammatory diseases, and cancer.
KEY QUOTES:
“This acquisition marks a monumental milestone in the execution of our long-term strategy to establish ourselves as a cross-Pacific biopharmaceutical powerhouse. 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.”
Ying Luo, President and CEO, GNI Group
“AYUMI Pharmaceutical was our first control private equity investment in Japan and represents our focus on building resilient businesses. We partnered with management to strengthen the company’s foundation, accelerated growth, and established its leadership position in the market. We are proud of where the business stands today and look forward to supporting its continued success with GNI Group.”
Atsuhiko Sakamoto, Head of Private Equity, Blackstone Japan
