UCB SA agreed to sell its U.S. generic-drug business to private-equity firms Advent International and Avista Capital Partners for $1.53 billion to focus on key central nervous system and immunology divisions.

UCB, Belgium’s biggest drugmaker, will use the cash proceeds from the sale of Kremers Urban Pharmaceuticals Inc. to cut debt and invest in development of new medicines, the Brussels-based company said in a statement today.

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