(Bloomberg) -- 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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