Mubadala Investment Company, an Abu Dhabi sovereign wealth fund, said it has acquired 100 percent ownership in collaboration with CBC Group in the carve-out of UCB Pharma’s mature business in China.
CBC Group is the largest healthcare-dedicated asset management group in Asia.
UCB is a global biopharmaceutical company headquartered in Belgium, with an annual revenue of $5.86 billion in 2023. It occupies a market-leading position in the strong and expanding immunology, neurology and rare disease market in China, and is strategically poised for growth in its Central Nervous System (CNS) originator drug portfolio.
It owns the popular allergy medicine Zyrtec in its portfolio in Mainland China, which becomes part of the acquisition, apart from its neurology portfolio of Keppra, Vimpat and Neupro. UCB’s Zhuhai manufacturing site is also part of the Mubadala-CBC purchase.
We have acquired 100% ownership in the carve-out of UCB Pharma’s mature business in China, alongside CBC Group.
— Mubadala (@Mubadala) August 26, 2024
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In 2023, the combined net sales for these medicines in China were 131 million euros ($146.3 million).
Mubadala’s pharmaceutical divestment strategy
Financial details of the acquisition were not revealed. Also undisclosed was the actual stake of Mubadala in the whole transaction, which is expected to close in the fourth quarter of the year subject to certain closing conditions.
The UCB China business acquisition follows the Hasten Biopharma acquisition (also in strategic collaboration with CBC Group) and aligns with Mubadala’s vision to expand its footprint across Asia through selective investment across diverse sectors with strong growth potential. Healthcare, and specifically pharma carve-outs, are at the forefront of this investment strategy.
Mohamed Albadr, Head of China at Mubadala, commented: “We are thrilled to partner with CBC Group to support the next phase of UCB’s platform as it scales to a leading entity in China and delivers transformative medicines to the markets.
“The company’s dedication to clinical excellence and innovation aligns with our commitment to enhancing access to care and growth in the healthcare system.”
Mina Hamoodi, Head of Healthcare at Mubadala, added: “CNS is a large and growing therapeutic area in China that has an urgent clinical need. We look forward to building out a broader CNS-focused platform to benefit the China market.”
Jean-Christophe Tellier, CEO at UCB, said: “We are convinced that Mubadala and CBC Group are the ideal partners to advance the medicine portfolio and continue to improve the lives of people living with neurology and allergy diseases in mainland China.”
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