The Japanese chemical company has agreed to sell its pharmaceutical business to Bain Capital for more than $3 billion, in a bid to focus on its key businesses.

Japan's Mitsubishi Chemical said on Friday it will sell pharmaceutical unit Tanabe Mitsubishi Pharma to U.S. private equity firm Bain Capital in a deal worth 510 billion yen ($3.36 billion) as it seeks to streamline its portfolio.

Bain Capital is nearing a deal to buy Mitsubishi Chemical Group Corp.’s pharmaceutical unit, people familiar with the matter said, adding to a dealmaking boom in Japan.