UAE’s Mubadala Participates in Acquisition of Korean Botox Maker Hugel
The 46.9% acquisition of stakes ‘cements Mubadala’s entry into Asia’.
Abu Dhabi’s Mubadala Investment Company has joined a consortium of Asia-based companies to acquire a 46.9% stake in South Korean botox manufacturer Hugel, acquiring it from Bain Capital.
The sovereign wealth fund is part of a group led by Singapore-based healthcare investment firm CBC Group, and the stake is estimated to cost approximately $1.5 billion.
Hugel, which boasts a market capitalisation figure of $2.5 billion, is a leader in the industry of botulinum toxin and hyaluronic acid fillers across South Korea. It also develops, manufactures and distributes cosmeceutical products and medical aesthetics.
Other firms that comprised the consortium include GS Holdings Corp. (GS), a business group in South Korea, and IMM Investment Corp., a South Korean investment firm.
The investment, according to Camilla Macapili Languille, head of Life Sciences at Mubadala, “cements Mubadala Life Sciences’ entry into Asia.”
“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.