Gujarat Themis Biosyn Limited (GTBL) has finalized its Rs 1,200 crore (JPY 21.5 billion) acquisition of MicroBiopharm Japan Co., Ltd. (MBJ), taking full ownership through its subsidiary, Themis Biosyn Japan Limited. MBJ brings over sixty years of fermentation experience and a long history of working in regulated markets.
The deal, first announced on May 22, 2026, closed after GTBL received all required regulatory approvals and met the necessary conditions. Funding came from a mix of debt and equity. The seller was T Capital Partners Co., Ltd., a Japanese private equity group. Deloitte India advised GTBL on the transaction, with legal and financing support from Tokyo International Law Office and Avendus Capital.
The acquisition was completed on September 18, 2026, after several months of regulatory and financing steps.
MBJ operates three GMP-compliant manufacturing sites and has developed a proprietary P450 enzyme platform. Its client list includes major pharmaceutical companies, some of whom have worked with MBJ for more than twenty years. In fiscal year 2026, MBJ reported revenue of JPY 9.5 billion, with 40% of sales coming from outside Japan. The company’s business covers proprietary APIs and intermediates, CDMO and CDMO Bio services, developed pharmaceuticals including biologics, and some non-pharma activities. MBJ’s management team will stay on to run day-to-day operations.
For GTBL, the acquisition opens up new capabilities in advanced biologics and emerging technologies. The combined company can now offer services in plasmid DNA, antibody-drug conjugate (ADC) conjugation, and recombinant proteins, covering the full range from early discovery to commercial manufacturing. The three Japanese GMP sites give GTBL direct access to regulated global markets. GTBL also plans to use its Indian manufacturing base to lower costs and improve margins on high-value products.
Dr. Sachin Patel, Managing Director of GTBL, highlighted MBJ’s fermentation expertise and proprietary technology, saying, "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." MBJ CEO Shiota pointed to the fit between MBJ’s precision fermentation and GTBL’s large-scale manufacturing, noting the strengths both companies now combine.
The reported deal value is JPY 21.5 billion, or about ₹1,290–₹1,300 crore. According to Business Standard, the funding included ₹475 crore as capital contribution and ₹745 crore as an inter-company loan, with GTBL arranging an additional loan facility of up to ₹800 crore.
With this move, GTBL shifts from a regional player to a global competitor in fermentation-based CDMO services. The acquisition gives GTBL new assets, client relationships, and regulatory experience, and accelerates its entry into advanced biologics. It also raises the profile of Indian biomanufacturing in the global market.
According to a Business Standard report, GTBL plans to use the Japanese platform to expand its regulated manufacturing capabilities. MBJ’s portfolio includes proprietary technologies and multiple GMP sites. The deal is expected to be EPS accretive, strengthening GTBL’s financial and operational position in the global CDMO sector.
