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Mubadala + Singaporean CBC acquire UCB’s neurology and allergy business in China: Mubadala has acquired Belgian biopharma firm UCB ’s carved out neurology and allergy business in China in a transaction worth USD 680 mn alongside Singapore-based healthcare-focused asset manager CBC Group, according to a press release. The transaction is expected to be finalized by 4Q 2024.
What do Mubadala and CBC own now? The portfolio UCB sold to Mubadala and CBC includes drugs such as Keppra, Vimpat and Neupro, and anti-allergy medicines Zyrtec and. The transaction will also see the sovereign wealth fund acquire UCB’s manufacturing facility in the city of Zhuhai.
Mubadala wants to tap into China’s CNS medicine market + the wider Asian pharma market: “The central nervous system (CNS) is a large and growing therapeutic area in China that has an urgent clinical need,” the sovereign wealth fund’s head of healthcare Mina Hamoodi said in a separate press release. “We look forward to building out a broader CNS-focused platform to benefit the China market,” he added. Healthcare and pharma carve-outs are at the forefront of Mubadala’s investment strategy in Asia, the statement said.
The transaction will help UCB expand its offerings: UCB plans to launch new immunology, neurology, and rare disease medicines as the firm shifts its focus to “efforts on innovation and partnerships, ensuring that its strategic goals align with the evolving demands of the Chinese market,” the press release reads.
Mubadala and CBC are no strangers, and Mubadala is not new to the Chinese pharma market: Last October, the sovereign wealth fund participated in an USD 875 mn funding round for CBC’s life sciences real assets venture, CLSRA Venture I. Mubadala and CBC also teamed up to raise USD 315 mn in funding for Chinese biopharma firm Hasten in April 2023.
ADVISORS- PJT Partners acted as the financial advisor to Mubadala and CBC, while Clifford Chance served as the legal advisor. UCB appointed Lazard to act as financial advisor and Freshfields Bruckhaus Deringer to act as legal advisor.
