(Yicai) Aug. 26 -- UCB said Abu Dhabi sovereign wealth fund Mubadala Investment and CBC Group, Asia's largest healthcare-focused investment firm, will buy the Belgian drugmaker's mature neurology and allergy business in China for USD680 million.

The deal includes the sale, divestment, and license of UCB's neurology and allergy business in China, including the Keppra, Vimpat, Neupro, Zyrtec, and Xyzal treatments and its Zhuhai manufacturing site, the Brussels-based firm announced today. The drugs' net sales in the country reached EUR131 million (USD142 million) last year, it added.

The transaction is subject to anti-trust clearances and other customary conditions and will likely be completed next quarter, UCB noted.

"In the short term, UCB is exploring the launch of novel medicines in immunology, neurology, and rare diseases in China," said Chief Executive Jean-Christophe Tellier. "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 deal aligns with CBC's strategy of investing in high-potential healthcare firms, noted CEO Fu Wei. "It will complement our existing healthcare ecosystem, serving as an anchor asset to further build out a leading integrated CNS biopharma platform in China that will deliver gold-standard treatment to more patients nationwide." 

The investment is part of Mubadala's broader expansion into Asia's healthcare sector, according to the company. "This investment aligns with Mubadala's vision to expand its footprint across Asia through selective investment across diverse sectors with strong growth potential."

Mubadala has previously invested in Chinese firms, including short-video site Kuaishou Technology, online recruitment platform Kanzhun, also known as Boss Zhipin, and new energy vehicle startup Xpeng Motors. It also participated in budget fashion retailer Shein's USD2 billion fundraiser in May last year.

Editor: Martin Kadiev