Bain said its decision to buy Mitsubishi Tanabe is due to the “strong growth potential” of Japan’s healthcare industry.

Following rumblings of a private equity bidding war late last year, Bain Capital has emer | Bain Capital is laying out 510 billion Japanese yen ($3.3 billion) to acquire Mitsubishi Tanabe Pharma in a carve-out transaction from its parent Mitsubishi Chemical Group.

Bain Capital said the deal came about following several recent initiatives by the Japanese government and regulators to “accelerate the development and approval of innovative medicines in the Japanese market.