Mubadala joins $680m acquisition of UCB’s Chinese business

Abu Dhabi-based Mubadala Investment Company and Singapore’s CBC Group have jointly acquired the neurology and allergy business of UCB, a Belgian biopharmaceutical company, for $680 million.

The deal includes UCB’s neurology portfolio (Keppra, Vimpat and Neupro) and allergy portfolio (Zyrtec and Xyzal) in mainland China and its Zhuhai manufacturing site.

The combined net sales for these medicines in China reached €131 million ($146.5 million) in 2023. 

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Mubadala will support the next phase of the development of UCB’s platform as it delivers transformative medicines to the markets, said Mohamed Albadr, head of China.  

The transaction is subject to closing conditions, including required anti-trust clearances. It is expected to close in the fourth quarter of 2024.  

PJT Partners is the financial advisor to CBC Group and Mubadala, while Clifford Chance is the legal advisor.

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Mubadala Capital, the asset management subsidiary of sovereign fund Mubadala Investment, has focused on biotechology investments of late. It participated in early-stage investments into Seattle cell therapy specialists Outpace Bio, New York’s Metsera and California’s Capstan Therapeutics, data from PitchBook shows.

Combined, these deals – which include other investors – were worth $617 million, PitchBook estimates.

Biotechnology uses living organisms to make products, often pharmaceuticals. There are nearly 7,600 biotech-based drugs in development in the US according to the Biotechnology Innovation Organization.