CBC Group, the Singapore-based healthcare investment firm that led the acquisition of Hugel in 2021, is raising a $450 million fund anchored by Korea Investment Corporation (KIC) to create NewCos from domestic biotech intellectual property. The move signals deepening capital commitment to Korean medical aesthetics and biotech assets, offering overseas buyers and distributors potential new partners and pipeline opportunities.
Fund strategy and Korea focus
CBC Group executives held a press conference in Seoul on June 10 to outline plans for the Korean market. The firm has invested nearly $1 billion directly in Korea, with cumulative co-investments reaching $2.3 billion. Key deals include the Hugel acquisition, Celltrion's Southeast Asian portfolio purchase for $300 million, and ABL Bio's dual antibody technology in-license by CBC portfolio company Novabridge for $150 million.
NewCo model to unlock value
CBC plans to use the $450 million fund to license Korean biotech IP and establish NewCos — specially formed companies designed to accelerate drug candidate development and commercialization. This model, already proven in the U.S., gained attention in Korea when D&D Pharmatech's NewCo Metsera was acquired by Pfizer for approximately $15 trillion won. CBC aims to leverage its global network to connect these NewCos with experienced development executives.
Hugel as flagship portfolio
Hugel remains CBC's largest single investment and most important portfolio company. The Aphrodite consortium — CBC (18.33%), GS Group (11.46%), IMM (6.88%), and Mubadala (6.87%) — holds 43.53% of Hugel shares. CBC executives stated that Hugel is preparing for direct U.S. sales and is focused on growth, with bolt-on M&A opportunities under review. No near-term divestment is planned.
Valuation gap with China creates opportunity
CBC sees a roughly 10x valuation gap between Korean and Chinese biotech deals. While Korean firms often exit early due to funding bottlenecks, Chinese companies can secure $350-400 million in upfront payments for technology transfers. CBC aims to bridge this gap by co-developing assets through Phase 1-2 clinical trials, thereby amplifying deal value before partnering with big pharma.
What buyers should watch
For overseas importers and distributors of aesthetic devices and injectables, CBC's expanded Korea focus could mean more capital flowing into Hugel's U.S. market entry and potential NewCos developing medical aesthetics technologies. The firm's global healthcare network — now combining with European specialist GHO Capital to create a $32 billion AUM platform — may also facilitate cross-border licensing and distribution partnerships. Industry buyers should monitor CBC's upcoming first close of the KIC-anchored fund this summer for new sourcing opportunities.
Source: Read the original report | Published: June 12, 2026