Belgian company will focus on its core business in neurology and immunology
UCB is selling Kremers Urban to private equity
UCB is selling its US speciality generics business Kremers Urban to private equity firms Advent International and Avista Capital Partners for US$1.53bn.
Belgium-headquartered UCB plans to use the proceeds to reduce its debt and increase its investments to accelerate growth and strengthen its medicines pipeline.
The deal is expected to close during the first quarter of 2015.
'This is another step for UCB to enhance focus on our core business in neurology and immunology,' said Roch Doliveux, CEO of UCB.
Detlef Thielgen, Chief Financial Officer of UCB, added that Kremers Urban had been 'an important enabler to build UCB's core business'.
'It's now the right time from a value perspective to focus on our core business and to offer Kremers Urban further growth opportunities with two strong organisations that are well equipped to help Kremers Urban continue to grow.'