(Bloomberg) -- Baring Private Equity Asia, the buyout fund merging with Swedish investment firm EQT AB, is considering a sale of Japanese drug contract manufacturer Bushu Pharmaceuticals Ltd., people familiar with the matter said.

Hong Kong-based BPEA is working with a financial adviser as it prepares to launch a formal sale process as early as next month, the people said, asking not to be identified because the matter is private. A transaction may value Bushu at upwards of 100 billion yen ($752 million), the people said.

A sale of Bushu could draw interest from other contract manufacturers, as well as investment funds, according to the people. Considerations are preliminary and BPEA could still decide to retain the asset for longer, they said.

A representative for BPEA declined to comment.

Founded in 1998, Bushu is one of the largest makers of pharmaceutical and medical devices in Japan, according to its website. Its main trading partners include Pfizer Inc., AbbVie Inc., Amgen Inc. and Astellas Pharma Inc., among others.

BPEA bought Bushu from a fund advised by Tokio Marine Capital Co. at an enterprise value of about $670 million in 2014. EQT agreed to acquire BPEA in a $7.5 billion cash and stock deal in March.

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