J-Star sees 3x return on consolidation play
Fierce competition among the middle-men in Japan’s pharmaceutical industry has created a healthy environment for private equity firms looking to consolidate a fragmented sector. Last week J-Star exited Apo Plus Station (APS) after a two-year holding period in which the company has transformed from a pharma-focused contract sales player to a one-stop service provider for the pharmaceutical industry thanks to bolt-on acquisitions.
The PE firm sold its 79.3% holding in the firm, alongside a 19.8% stake held by APS chairman Tsuneko Hibino, to Tokyo-based pharmaceutical firm Qol for JPY3.2billion ($40 million). The investment delivered...
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