By: IPP Bureau
Last updated : May 23, 2026 9:27 am
Transition to a fermentation-based globally integrated CDMO platform
Gujarat Themis Biosyn Limited (GTBL) signed a definitive agreement to acquire 100% equity in Japan’s MicroBiopharm Japan Co., Ltd. (MBJ) from funds managed by T Capital Partners Co., Ltd.. The deal, valued at approximately Rs. 1,300 crore, was executed through GTBL's wholly-owned Japanese subsidiary, Themis Biosyn Japan Limited.
The acquisition will be executed through a wholly owned special purpose vehicle (SPV) to be incorporated in Japan.
The transaction is expected to close during Q2FY27, subject to customary approvals and closing formalities.
This acquisition represents a significant milestone in GTBL’s long-term strategy to evolve from a fermentation-led intermediates business into a technology-driven Contract Development Manufacturing Organization (CDMO) platform with capabilities across precision fermentation, biotechnology, and next-generation drug manufacturing.
MBJ is an established Japanese company with over six decades of experience in fermentation, microbial‑based research, development, and manufacturing of pharmaceuticals and specialty chemicals. The company operates a compelling platform spanning from manufacturing proprietary pharmaceuticals to CDMO services. It has recorded an estimated revenue of JPY 9.5 billion (approximately Rs. 570 crore) for FY26E.
MBJ’s proprietary pharmaceuticals includes the manufacturing of oncology, immunosuppressants, antibiotics and peptides. It offers end‑to‑end CDMO capabilitiesin both small molecules and biologics. CDMO services encompasses discovery, development, manufacturing, leveraging its strengths in microbial fermentation, chemical synthesis, and biologics, including recombinant proteins.
Commenting on the development, Dr. Sachin Patel, Managing Director, GTBL, said: “This acquisition marks a strategic step in GTBL’s evolution toward a next-generation, discovery-led CDMO platform.
MBJ’s differentiated fermentation and biotechnology capabilities, combined with its strong regulatory track record and scalable infrastructure, significantly enhance our ability to serve global customers across advanced and emerging therapeutic modalities. By integrating MBJ’s platform with our existing strengths in fermentation and process innovation, we aim to build a globally competitive, high-margin pharmaceutical manufacturing and services business, anchored in long-term growth and value creation.
I would like to take this opportunity to assure that we will continue and build on MBJ’s current capabilities, leadership, management and strong base of employees and associates as we scale new horizons leading to mutual growth and success”
The consideration for the transaction would be approximately JPY 21.5 billion (approximately INR 1,300 crores), payable at closing, and is expected to be funded through an optimal mix of debt and equity. The acquisition is expected to be EPS accretive.