On August 24, 2021, a private equity consortium led by CBC Group (CBC) announced the signing of definitive agreements to acquire a 46.9 percent equity interest in Hugel, Inc. (Hugel) from Bain Capital. Hugel is Korea’s largest medical aesthetics company with a market capitalization of approximately US$2.5 billion. Members of the consortium include CBC, Asia's largest healthcare-dedicated investment firm headquartered in Singapore, Mubadala Investment Company, the Abu Dhabi-based investor, GS Holdings Corp., a leading business group in South Korea, and IMM Investment Corp., a leading investment firm based in Korea. Wilson Sonsini Goodrich & Rosati advised CBC in this transaction.

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. 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. In conjunction with this approval, Hugel expects to obtain marketing approvals in Europe and the United States in the next 12 months.

For more information, please see the press release.