Mourant acts as BVI legal adviser in US$680 million Chinese pharma acquisition
25 September 2024
Mourant, a law firm-led professional services business, has acted as BVI legal advisor to CBC Group and Mubadala Investment Company ("Mubadala") in relation to their joint venture acquisition of UCB Pharma's mature business (neurology and allergy) in China for US$680 million.
The strategic deal involved the sale, divestment and license by UCB of its neurology portfolio (Keppra®, Vimpat®, Neupro®) and allergy portfolio (Zyrtec®, Xyzal®) in mainland China, as well as UCB’s Zhuhai manufacturing site. The transaction remains subject to certain closing conditions, including the required anti-trust clearance(s) and other customary conditions, and is expected to close in Q4 2024.
The strategic collaboration between CBC and Mubadala builds on last year's successful Hasten Biopharma acquisition, and underscores the partnership's ongoing commitment to establishing dedicated platforms to serve unmet needs in China and the broader Asia healthcare markets.
Mubadala is an Abu Dhabi based global investment company, with CBC Group holding the position of Asia's largest healthcare-dedicated asset management group.
Headquartered in Belgium, UCB is a global biopharmaceutical company which focuses on the discovery and development of innovative medicines and solutions for people affected by severe neurological and immunological conditions.
Singapore Managing Partner, Craig Luton, led the transaction for Mourant, working closely with Singapore Senior Associate Qiao Wen Ngo and Legal Manager Jeany Cheng.
The team also worked in close collaboration with Clifford Chance and Cleary Gottlieb (onshore legal advisors to CBC Group and Mubadala respectively).
Commenting on the transaction, Craig Luton said:
"It was a pleasure to represent CBC and Mubadala on this ambitious, high-profile transaction, which demonstrates the partnership's commitment to building its medicine portfolio, and improving the lives of people living with neurology and allergy diseases in mainland China. We wish them every success with this latest venture."
Contact
About Mourant
Mourant is a law firm-led, professional services business with over 60 years' experience in the financial services sector. We advise on the laws of the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and Luxembourg and provide specialist entity management, governance, regulatory and consulting services.
