TOKYO, Feb 7 (Reuters) - Japan's Mitsubishi Chemical ( MTLHF )

said on Friday it will sell pharmaceutical subsidiary

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.

Private equity-led buyouts are booming in Japan as Japanese

firms increasingly carve out non-core businesses in an effort to

raise corporate and shareholder value.

($1 = 151.8400 yen)