Belgium's UCB to sell China neurology and allergy business for $680 mln
Adds quotes, details of the deals from paragraph 3 to 9
PARIS/SINGAPORE, Aug 26 (Reuters) -UCB, aBelgian biopharmaceutical firm, said on Monday thatit will sell its Chineseneurology and allergy business to asset management group CBC and Abu Dhabhi's Mubadalafor $680 million.
The deal includesUCB's neurology portfolio comprising drugs like Keppra, Vimpat andNeupro and anti-allergy medicines Zyrtecand Xyzal - commonly used to treat wateryeyes and runny nose.
The Belgian firm will also sell amanufacturing site in Zhuhai city.
UCB in its statement said therewould be no impact on itsforecast for 2024.
"In the short term, UCB is exploring the launch of novel medicines in immunology, neurology, and rare diseases in China," said Jean-Christophe Tellier, chief executive of UCB.
The deal will allow the companyto focus its efforts on innovation and partnerships, ensuring that its strategic goals align with the evolving demands of the Chinese market, it said.
"The demand for central nervous system products in China has been increasing over the past decade," said Fu Wei, chief executive of CBC.
"This strategic deal aligns with CBC's strategy of investing in high-potentialcompanies with quality products, strong brand equity, dedicated talents and steady growth outlook," he added.
The deal added to CBC and Mubadala's partnership, where the Abu Dhabi-based sovereign investor in October last year invested in CBC’s APG-backed Chinese life-sciencereal estate investment platform.
In April 2023, CBC and Mubadala were the lead investors in a $315 million fundraising round for a Chinese biopharma company called Hasten.
Headquartered in Singapore, CBC is Asia's largest healthcare-focused asset management firm with assets under management of $8.8 billion, according to the statement.
UCB's shares have jumped 104% year-to-date, giving it a market value of $34.8 billion on Monday, according to LSEG data.
Reporting by Geert De Clercq in Paris and Yantoultra Ngui in Singapore, editing by Tassilo Hummel and Sonia Cheema
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