Belgium's UCB to Sell China Neurology and Allergy Business for $680 mln

UCB (UCB.BR), a Belgian biopharmaceutical firm, announced that it would sell its Chinese neurology and allergy business to Singapore-based asset management group CBC and Abu Dhabi sovereign investor Mubadala for $680 million. The deal includes UCB's neurology portfolio comprising drugs like Keppra, Vimpat and Neupro, and anti-allergy medicines Zyrtec and Xyzal, commonly used to treat watery eyes and runny noses.

The Brussels-listed firm will also sell a manufacturing site in Zhuhai city. UCB said in a statement there would be no impact on its forecast for 2024 and the deal was expected to close in the fourth quarter. "In the short term, UCB is exploring the launch of novel medicines in immunology, neurology, and rare diseases in China," UCB CEO Jean-Christophe Tellier said. The deal will allow the company to focus its efforts on innovation and partnerships, ensuring its strategic goals align with the evolving demands of the Chinese market, it said.