Mylan to buy Renaissance Acquisition Holdings topical business for $950 mn
13 May 2016
Generic and specialty pharmaceuticals company Mylan NV today struck a deal to buy Renaissance Acquisition Holdings LLC's non-sterile, topicals-focused specialty and generics business for $950 million in cash.
The deal includes additional contingent payment of up to $50 million.
The acquisition will bring Mylan a portfolio of around 25 branded and generic topical products, an active pipeline of approximately 25 products, and an established US sales and marketing infrastructure targeting dermatologists.
The acquisition will also bring Mylan an integrated manufacturing and development platform and a leading topicals-focused contract development and manufacturing organization.
Renaissance, privately controlled and majority-owned by RoundTable Healthcare Partners, will retain its sterile-focused businesses and associated manufacturing facility.
Mylan CEO Heather Bresch said, "The dermatology / topicals space has long been an area of focus for Mylan and one that we have targeted for expansion. This is a strong and growing business in a very attractive category, which is highly complementary to Mylan's existing assets and the pending addition of the Meda dermatology portfolio.''
Mylan president Rajiv Malik said, "With the addition of the Business's broad and durable portfolio, exciting pipeline of topical products, and strong manufacturing and R&D capabilities, we will have critical mass in the dermatology/topicals area and catapult to a leading position in this space.''
The acquired business had approximately $370 million in 2015 revenues, has approximately 1,200 employees, and two manufacturing sites with capabilities and capacity in creams, ointments, aerosols/foams, gels, suspensions, liquids and suppositories that are complementary to Mylan's existing capabilities.