Mubadala Investment Co., Abu Dhabi, and healthcare-focused asset management firm CBC Group agreed to acquire the mature China portfolios of UCB Pharma, the Belgium-headquartered maker of pharmaceuticals such as anti-allergy drug Zyrtec and neurology medication Neupro.
The co-investment deal involves the carve-out and sale of UCB Pharma’s neurology and allergy portfolios in China, including its manufacturing site in southern Chinese city Zhuhai.
Mubadala and CBC Group acquired the business for $680 million, according to a statement by UCB on Aug. 26.
The portfolio involved in the deal comprises a vast majority of UCB's current product portfolio in the country, a spokesperson said. The firm will now focus on newer products, particularly in immunology, neurology and rare diseases.
The deal is expected to close in the fourth quarter of the year and is subject to closing conditions such as anti-trust clearances and other customary conditions, Mubadala wrote in a separate statement.
Mubadala is a sovereign investor for the government of Abu Dhabi and has $302 billion in assets. CBC Group is an $8.8 billion Singapore-headquartered fund manager founded in Shanghai focused on healthcare investments.
A spokesperson for CBC Group confirmed the deal but did not provide further information. Mubadala did not immediately respond to a request for comment.
CBC Group in October had its second close of its life science real assets venture fund, CLSRA Venture, at $875 million. The fund had commitments from investors including Mubadala and APG Asset Management, which managed €577 billion ($618.1 billion) as of June 30 on behalf of pension participants from the Netherlands.
Global investors have in the past few years treated China with caution, but Middle Eastern investors have bucked the trend and increased allocations to the country. In 2023, sovereign funds from six Middle Eastern countries totaled $2.3 billion, up from $100 million the year prior, according to Global SWF data.
