Home UAE Abu Dhabi Abu Dhabi’s Mubadala co-invests in UCB’s neurology, allergy business The deal, which is expected to close in Q4 2024, includes UCB’s neurology portfolio (Keppra, Vimpat, Neupro) and allergy medicines (Zyrtec, Xyzal) by Kudakwashe Muzoriwa August 27, 2024 Image Christopher Pike/Getty Images Abu Dhabi state investor Mubadala and CBC Group have agreed to acquire Belgian biopharmaceutical firm UCB’s Chinese neurology and allergy business for $680m. The deal, which is expected to close in the fourth quarter of 2024, subject to regulatory approval, includes UCB’s neurology portfolio (Keppra, Vimpat, Neupro) and allergy medicines (Zyrtec, Xyzal). Mubadala said in a statement that the deal includes UCB’s Zhuhai manufacturing site. Brussels-listed firm said in a separate statement that there would be no impact on its forecast for 2024, and the deal was expected to close in the fourth quarter. “In the short term, UCB is exploring the launch of novel medicines in immunology, neurology, and rare diseases in China,” said Jean-Christophe Tellier, CEO of UCB. “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.” The transaction will allow UCB to focus on innovation and partnerships, ensuring that its strategic goals align with the evolving demands of the Chinese market, the pharmacetical firm said in a bourse filing, adding that the combined net sales for the medicines in China reached EUR131m in 2023. “The demand for central nervous system products in China has been increasing over the past decade,” said Fu Wei, the CEO of CBC Group. “This strategic deal aligns with CBC’s strategy of investing in high-potential companies with quality products and steady growth outlook.” The deal expands CBC and Mubadala’s partnership. Last October, the Abu Dhabi state investor invested in CBC’s APG-backed Chinese life-science real estate investment platform. CBC and Mubadala were the lead investors in a $315m fundraising round for Chinese biopharma company Hasten in April 2023. Mubadala’s assets under management rose 9.5 per cent in 2023 to $302.2bn (Dhs1.11tn). The state investor is the second-biggest state fund in Abu Dhabi, the capital of the UAE, behind the Abu Dhabi Investment Authority. It deployed Dhs89bn in sectors including technology, digital infrastructure, life sciences, renewable energy and private credit. The fund’s portfolio mix remained broadly similar YoY, with 38 per cent direct and indirect in private equity, 25 per cent in public markets and 16 per cent in real estate and infrastructure. Read: Abu Dhabi fund Mubadala invests in data centre firm Yondr Tags Allergy CBC Group Healthcare Mubadala Neurology You might also like Insights: How AI is redefining diagnostics and surgery General Atlantic plans Abu Dhabi office by year-end Abu Dhabi’s Mubadala, Aldar deepen ties with Dhs30bn JVs UK-based wellness platform Healthtrip expands to Middle East