Mubadala Development Company, Abu Dhabi’s sovereign investment arm, has joined a CBC Group-led consortium to acquire a 46.9% equity interest in Hugel, South Korea’s largest cosmetic pharmaceutical company, from Bain Capital.
We recently invested in Korea’s largest medical aesthetics company, Hugel, as part of a consortium led by CBC Group, Asia’s largest healthcare-dedicated investment firm. pic.twitter.com/YHhfCdVzgv— Mubadala (@Mubadala) August 25, 2021
The deal, one of the largest medical aesthetics transactions in Asia, is worth around $1.5 billion, including convertible bonds, Seoul-based Hugel said in a statement on Wednesday.
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, The South Korean company mainly produces beauty goods including botulinum toxin, commonly known as botox, and hyaluronic acid filler, its website shows. It also makes cosmetics and medical devices.
Morgan Stanley is acting as the consortium’s sole merger and acquisition advisor.
Commenting on the acquisition, 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."
Hugel shares tumbled as much as 9 per cent in early Seoul trading Wednesday after the announcement. GS Holdings rose 0.91 per cent as of 11.04am local time.
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