Blackstone is working with the management of I’rom Group to take the Japanese pharmaceutical services company private.

A tender offer will be made to acquire I’rom Group shares at ¥2,800 per share — a roughly 50% premium to Monday’s closing price of ¥1,873, according to a statement from the company. Pending the offer’s success, I’rom will be delisted and Blackstone will own 55% of the company. The remaining 45% will be held by I’rom founder and President Toyotaka Mori — a combination of his current ownership and family members’ holdings.

Based on its market capitalization, the offer price values the company at about ¥35 billion ($218 million).