Abu Dhabi’s Mubadala and CBC-led consortium buys into Korean medical aesthetics company

Dubai: A consortium led by CBC Group has bought 46.9 per cent in South Korea’s Hugel from Bain Capital. The market capitalization of Hugel is approximately $2.5 billion.

Members of the consortium include Singapore’s CBC, Asia’s largest healthcare-dedicated investment firm; Abu Dhabi’s Mubadala Investment Company, GS Holdings of South Korea and IMM Investment, an investment firm based in Korea.

Established in 2001, Hugel is the market leader in the botulinum toxin and hyaluronic acid fillers space in Korea and also develops, manufactures and distributes cosmeceutical products. In October 2020, its injectable type A botulinum toxin officially received marketing approval from the National Medical Products Administration of China, which made Hugel the fourth type A botulinum toxin product manufacturer approved for launch in China and the first of its kind from South Korea.

Hugel expects to obtain marketing approvals in Europe and the US in the next 12 months.

“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,” said Camilla Macapili Languille, Head of Life Sciences at Mubadala.

Founded in 2014, CBC has focused on control-oriented acquisitions and platform-building investments in leading Asian businesses.