Gujarat Themis Biosyn Limited (GTBL) has completed the acquisition of 100% equity shareholding in Japan-based MicroBiopharm Japan Co., Ltd. (MBJ) for JPY 21.5 billion, strengthening its position as a fermentation-based, globally integrated contract development and manufacturing organisation (CDMO).

The acquisition, announced on May 22, 2026, was completed through Themis Biosyn Japan Limited, GTBL’s wholly owned subsidiary in Japan, following receipt of customary regulatory approvals and fulfilment of closing conditions.

The transaction was acquired from funds managed or advised by T Capital Partners Co., Ltd., a Japan-based private equity fund. GTBL said the acquisition was funded through a mix of debt and equity and is expected to be earnings-per-share (EPS) accretive. 

The existing MBJ management team will continue to oversee the business.

MBJ, which has more than 60 years of operating experience, runs three GMP-compliant manufacturing facilities and has an established FDA and PMDA inspection track record. 

For FY26, the Japanese company reported revenue of JPY 9.5 billion, with operations spanning proprietary APIs and intermediates, CDMO, CDMO Bio and developed pharmaceuticals, including biologics, as well as non-pharma businesses.

Around 40% of MBJ's revenue comes from outside Japan, while its top six customers have been associated with the company for more than two decades.

The acquisition is expected to accelerate GTBL's transition towards a globally integrated CDMO focused on fermentation and biotechnology-based manufacturing.

The combined business will also gain capabilities in advanced biologics and emerging modalities, including plasmid DNA, antibody-drug conjugate (ADC) conjugation and recombinant proteins.

The three GMP manufacturing sites are expected to strengthen GTBL's access to regulated global markets and provide an integrated CDMO platform covering discovery, development and commercial manufacturing.

GTBL also sees potential to leverage its manufacturing scale in India to improve the cost competitiveness of selected high-value products and support margin expansion.

Dr. Sachin Patel, Managing Director, Gujarat Themis Biosyn, said, “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."

Shiota, CEO, MicroBiopharm Japan, said the combination brings together MBJ's precision fermentation capabilities and biotechnology platforms with GTBL's fermentation expertise, large-scale manufacturing capabilities and portfolio.

The transaction was advised by Deloitte India, which acted as exclusive financial adviser to GTBL. Tokyo International Law Office (TKI) Japan served as legal counsel, while Avendus Capital acted as exclusive financing arranger.