| 19 May 2024, Sunday |

Mubadala joins consortium to take 47% stake in South Korean Botox maker

Mubadala Development Company, Abu Dhabi’s sovereign investment arm, and a group of other investors have bought a 46.9 percent stake in South Korean Botox maker Hugel.

The consortium led by CBC Group, Asia’s largest healthcare investment company, signed a “definitive agreement” to acquire the stake in Hugel, which has a market capitalisation of $2.5 billion, Mubadala said on Wednesday. The value of the deal was not disclosed.

South Korea’s GS Holdings and private equity company IMM Investment, which has more than $4.7bn of assets under management, are also part of the investor group that bought the stake from Bain Capital.

“This opportunity cements Mubadala Life Sciences’ entry into Asia, alongside our colleagues from Mubadala’s China Investment Programme team, who already have an established presence in China and a long-standing relationship with CBC,” said Camilla Macapili Languille, head of Life Sciences at Mubadala.

“We will work closely with our consortium partners and leverage our network to support Hugel’s vision of becoming a leading global medical aesthetics company.”

Mubadala, which has an asset base of Dh894 billion ($243.4bn), invests on behalf of Abu Dhabi’s government. The sovereign fund, which is driving the emirate’s efforts to diversify its revenue base, is pivoting more towards investments in health care, life sciences, consumer-focused businesses, renewable energy and the mobility sectors.

In July, Mubadala announced an investment of $250 million in US biosimulation software company Certara as part of its international healthcare and investment portfolio.

  • The National News