Value of transaction is expected to close in fourth quarter of 2024 Deal includes UCB’s neurology and allergy portfolios RIYADH: UAE sovereign wealth fund Mubadala Investment Co. has acquired 100 percent ownership of UCB Pharma’s mature business in China, in partnership with CBC Group, a healthcare-focused asset manager. Belgium-based UCB, a global biopharma firm, has a presence in China’s growing immunology and neurology markets. Mubadala did not disclose the size of its stake or the value of the transaction, which is expected to close in the fourth quarter of 2024. The acquisition marks another milestone in Mubadala’s strategy to deepen its presence in the Asian market, particularly in the rapidly growing healthcare sector, the company said in a post on X. Mohamed Al-Badr, head of China at Mubadala, said: “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.” He added: “The company’s dedication to clinical excellence and innovation aligns with our commitment to enhancing access to care and growth in the health care system.” The acquisition covered UCB’s neurology portfolio, which includes the widely recognized drugs Keppra, Vimpat, and Neupro. These medications are integral to the treatment of epilepsy and other neurological conditions, areas that are seeing increasing demand in China. The deal also included UCB’s allergy portfolio, featuring the antihistamines Zyrtec and Xyzal. In 2023, the combined net sales for these medicines in China were €131 million ($146 million). The transaction is subject to certain closing conditions, including antitrust clearances and other customary approvals. Mubadala and CBC Group have also taken ownership of UCB’s Zhuhai manufacturing facility, a key site that supports the manufacture and distribution of these products across mainland China. “CNS is a large and growing therapeutic area in China that has an urgent clinical need,” said Mina Hamoodi, head of health care at Mubadala. “We look forward to building out a broader CNS-focused platform to benefit the China market.” Mubadala’s investment aligns with its broader strategy of selectively investing in high-growth sectors across Asia. The health care sector, and more specifically pharmaceutical carve-outs, have been identified as key areas of focus. Jean-Christophe Tellier, CEO of UCB, said that the company is exploring the launch of novel medicines in immunology, neurology, and rare diseases in China in the short term. He said that UCB’s dedication to addressing unmet patient needs in China remains strong. “Building on our 28-year presence in the country, we are committed to driving patient outcomes through continued collaboration with local partners and fostering innovation.” Tellier added: “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.”