GNI Group Co., Ltd. has announced an agreement to acquire 100% of the shares of Ayumi Pharmaceutical Holdings Co., Ltd. from a group of shareholders led by Blackstone, in a transaction that values Ayumi Pharmaceutical Holdings at approximately ¥44.8 billion. The deal will make Ayumi a wholly owned subsidiary of GNI Group and significantly expands its commercial presence in Japan. The GNI Group acquisition is expected to establish a large-scale pharmaceutical platform in the country, with the combined entity projected to report fiscal 2026 revenue of approximately ¥65.2 billion.
Ayumi Pharmaceutical is a specialty pharmaceutical company with dominant positions in pain management and rheumatology. Its flagship product, Calonal® (acetaminophen), commands more than 80% of Japan’s domestic acetaminophen market. The company also holds a broad portfolio serving rheumatology and orthopedic patients and operates a nationwide commercial network covering healthcare institutions across 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.
Ying Luo, President and CEO of GNI Group, commented on the deal: “I am thrilled by GNI Group’s acquisition of Ayumi Pharmaceutical, which 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. This transformational transaction strengthens our operational foundation and positions us for accelerated sales growth in the years ahead. Furthermore, we are honored to welcome Blackstone, Toho, and Hisamitsu as our new shareholders, and we look forward to working closely with all stakeholders to drive the next phase of our growth.”
Atsuhiko Sakamoto, Head of Private Equity at Blackstone Japan, also remarked: “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.”
The GNI Group acquisition is designed to deliver a range of strategic benefits. It establishes a large-scale, recurring revenue platform in Japan and creates new licensing and commercialization opportunities. The transaction expands GNI Group’s capabilities in rheumatology, orthopedics, and pain management through Ayumi Pharmaceutical’s established products, commercial infrastructure, and customer relationships. It also enhances GNI Group’s ability to introduce overseas pharmaceuticals and biosimilars into Japan through Ayumi Pharmaceutical’s market access and distribution capabilities. Additionally, it diversifies GNI Group’s geographic revenue base across Japan, China, and the United States, supporting long-term sustainable growth, while strengthening cash generation and financial stability and creating opportunities for future cross-selling and portfolio synergies.
Following the transaction, the combined organization will operate across five key therapeutic areas: fibrosis, pain management, rheumatology, oncology, and orthopedics. The deal is expected to substantially increase GNI Group’s scale, including its employee base, product portfolio, and development pipeline. GNI Group is a global biopharmaceutical company headquartered in Japan with operations spanning Japan, China, the United States, and Australia, engaged in pharmaceutical development and commercialization, drug discovery, and medical technology businesses. Ayumi Pharmaceutical Holdings is a Japan-based pharmaceutical company focused on rheumatology, orthopedics, pain management, and contract manufacturing services, marketing a range of specialty pharmaceutical products and maintaining manufacturing and commercial operations serving healthcare providers nationwide.
