TOKYO (Reuters) -Mitsubishi Chemical Group picked U.S. investment fund Bain Capital as the preferred bidder for its pharmaceutical subsidiary, Tanabe Mitsubishi Pharma, the Nikkei reported on Monday.

The company is likely to sell its Tanabe Mitsubishi Pharma unit to Bain Capital for more than 500 billion yen ($3.2 billion), the report said.

Mitsubishi Chemical was not immediately available for comment outside regular business hours.

Reuters reported in December that global private equity firms Blackstone and Bain Capital were among final bidders for Mitsubishi Tanabe Pharma, in a deal that could value it at between $3 billion and $3.5 billion.

($1 = 156.3500 yen)