UAE - Mubadala: Abu Dhabi-based Mubadala has joined a CBC Group-led consortium to acquire a 46.9% equity interest in Hugel, Korea’s largest medical aesthetics company, from Bain Capital.
The members of the consortium include CBC, Singapore-headquartered healthcare investment company; Mubadala; GS Holdings Corp. (GS), a business group in South Korea; and IMM Investment Corp. (IMM), a Korea-based investment firm, according to a press release on Wednesday.
Founded in 2001, Hugel is specialised in the botulinum toxin and hyaluronic acid fillers space in Korea and is the fourth type A botulinum toxin product manufacturer approved for launch in China.
In addition, Hugel expects to receive market approvals in Europe and the US in the upcoming 12 months.
Morgan Stanley is acting as the consortium’s sole merger and acquisition advisor.
Commenting on the transaction, the Managing Director and Head of North America and Korea at CBC, Michael Keyoung, said: "By leveraging our foothold in international markets, we are confident that Hugel as a Korea-based company will become a leading global aesthetics business by expanding significantly into the United States, Europe, China and the rest of the world."
Meanwhile, the Head of Life Sciences at Mubadala, Camilla Macapili Languille, commented: "This opportunity cements Mubadala Life Sciences’ entry into Asia alongside our colleagues from the Mubadala’s China Investment Program team, who already have an established presence in China and a long-standing relationship with CBC."
