KHALEEJ TIMES, Thursday, Aug 26, 2021 | Muharram 18, 1443
Mubadala-partnered consortium acquires 46.9% of $2.5b Korean medical firm
Emirates:
A global consortium, including Abu Dhabi wealth fund Mubadala
Investment Company, announced on Wednesday a deal to acquire a significant stake
in South Korea’s largest medical aesthetics company with a market cap of $2.5
billion.
The consortium led by CBC Group signed definitive agreements to acquire a 46.9
per cent equity interest in Hugel, Inc. from Bain Capital.
Besides Mubadala, members of the consortium include CBC, Asia’s largest
healthcare-dedicated investment firm headquartered in Singapore, GS Holdings
Corp., the leading business group in South Korea, ranked 7th in total revenue
and 8th in total assets and IMM Investment Corp., a leading investment firm
based in Korea investing across alternative asset classes including growth
equity, infrastructure, and venture capital.
Morgan Stanley is acting as the consortium’s sole M&A advisor.
Established in 2001, Hugel is the No.1 leader in the botulinum toxin and
hyaluronic acid fillers space in Korea and also develops, manufactures and
distributes cosmeceutical products.
Camilla Macapili Languille, head of Life Sciences at Mubadala, said the
investment group is excited about embarking on Hugel’s growth journey in
partnership with CBC, GS and IMM. “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. 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.”
“We are delighted to pursue this incredible opportunity in collaboration with
our strategic partners from Mubadala, GS and IMM. This marks the beginning of
CBC’s journey into the global medical aesthetics sector,
in addition to our current pharma, medtech and services exposure,” said Michael
Keyoung, managing director and head of North America and Korea at CBC.
“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. CBC will continue to further develop its global healthcare portfolio
with strong support from our global investors,” said Keyoung.
Huh Tae-soo, chairman of GS, said the consortium would be taking Hugel to the
next level of growth by combining its respective expertise with the company’s
well-positioned product offering and competitiveness in the global market.
“Embarking on this partnership underscores our intention to expand our business
by diversifying our bio portfolio.”
Tim Chang, chief executive officer of IMM, said with IMM’s past success in the
healthcare sector, it is confident to help Hugel to grow beyond Korea to become
a true global player.