UCB to Sell Neurology and Allergy Business in China
Belgium-headquartered biopharmaceutical company UCB is to sell its mature neurology and allergy business in China to Singapore-based asset management group CBC and investor Mubadala, based in Abu Dhabi, for $680 million.
The transaction includes brands like Keppra, Vimpat, Neupro, Zyrtec, and Xyzal, as well as the company’s Zhuhai manufacturing site. According to UCB, combined net sales for these medicines in China for 2023 were €131 million.
The transaction, which is subject to customary closing conditions, is expected to be finalized in the fourth quarter of 2024.
"In the short term, UCB is exploring the launch of novel medicines in immunology, neurology, and rare diseases in China," stated Jean-Christophe Tellier, CEO at UCB. "Our dedication to serving patients with unmet needs in China remains steadfast. 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.”
“The demand for central nervous system (CNS) products in China has been increasing over the past decade, and by leveraging CBC’s unique investor-operator approach, we are excited to channel our expertise, resources and platform synergies to meet these evolving needs and drive value for our stakeholders,” said Fu Wei, CEO of CBC Group.
“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. The company’s dedication to clinical excellence and innovation aligns with our commitment to enhancing access to care and growth in the healthcare system,” said Mohamed Albadr, Mubadala’s head of China.
This transaction, UCB said, will allow it to focus its efforts on innovation and partnerships, ensuring that its strategic goals align with the evolving demands of the Chinese market.
