Blackstone, Bain Capital and Taisho Pharmaceutical are among the final bidders for Takeda Pharmaceutical’s consumer drug business in Japan, a deal that could fetch up to 400 billion yen ($3.7 billion), three people familiar with the deal told Junko Fujita and Rocky Swift of Reuters on June 19, 2020.

Japan’s Taisho Pharmaceutical Holdings Co Ltd is the front runner for the deal, all three people said. CVC Capital Partners is also among the final bidders, they said.

The sale of Takeda Consumer Healthcare Co, known for its Alinamin line of energy drinks, is part of Takeda’s efforts to shed $10 billion in non-core assets to reduce debt following its $59 billion purchase of Shire Plc.

Sources said the amount might fall to 340 billion yen because Blackstone Group and the private equity firms consider the price too high, said two of those people. Taisho could go as high as 400 billion yen, they said. Blackstone, Takeda, Taisho and Bain declined to comment. CVC was not immediately available for comment. The price Takeda is seeking for the over-the-counter business is about 20 times EBITDA, or earnings before taxes depreciation and amortisation, said the three people. The company will close the third, and likely final, bid on Monday, they said.