中國基金康橋資本收購韓國最大醫美公司Hugel遭質疑
格隆匯8月26日丨8月25日,中國知名生物醫藥私募投資基金康橋資本(C-Bridge Capital)主導的聯合財團(包括韓國GS集團、中東主權財富基金Mubadala、韓國私募基金)宣佈,以1.7萬億韓元(約合14.6億美元)的價格完成對韓國最大的醫美產品公司Hugel Inc.46.9%的股權收購。
Hugel成立於2001年,旗下多個醫美產品佔據韓國市場份額第一,並獲得了全球超過35個國家和地區的市場準入。Hugel也是首家獲得中國肉毒素上市許可的韓國製造商,成為國內僅有的四款合規產品之一。四環醫藥是Hugel肉毒素在中國的獨家代理商,也是Hugel的戰略合作伙伴。截至日前,Hugel的市值規模約25億美元。
不過,該收購引發韓國媒體質疑,主要質疑康橋資本是否有資格收購Hugel的股份。康橋資本總部位於上海、專注於中國健康醫療領域的投資,主要希望通過引進發達市場中的先進製藥技術,為公司創造可觀的利潤和價值。而在本次14.6億美元的收購中,韓國GS(佳施加德士)集團出資額只佔不到10%。
資本市場上,收購消息公佈後,Hugel股價連續三天下跌。有分析人士稱,韓國市場對此次併購的價值、交易成功性表示懷疑,對於GS充當中國私募基金收購的白手套表示很大質疑。

韓國媒體還稱,因本此次收購案必須得到韓國產業通商部的審批才能生效,出於對康橋資本背景的考慮,韓國產業通商部或許會擔心肉毒素作為韓國核心資產流入國外,可能會出手阻止。
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