 "Mylan acquires Renaissance’s dermatology biz for $ 1 bn")
Mylan NV on May 13, 2016 signed an agreement to acquire the non-sterile, topicals-focused specialty and generics business of Renaissance Acquisition Holdings for $ 950 million in cash at closing, plus additional contingent payments of up to $ 50 million, subject to customary adjustments.
The acquired business will bring Mylan a complementary portfolio of approximately 25 branded and generic topical products, an active pipeline of approximately 25 products, and an established US sales and marketing infrastructure targeting dermatologists. The business also brings Mylan an integrated manufacturing and development platform and a leading topicals-focused contract development and manufacturing organisation (CDMO). Renaissance, privately controlled and majority-owned by RoundTable Healthcare Partners, will retain its sterile-focused businesses and associated manufacturing facility.
Heather Bresch, CEO, Mylan, commented, “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. We see significant opportunities to accelerate the growth potential of the business (of Renaissance) as part of the global Mylan platform, as we maximise our combined assets across customer channels and geographies.”
Rajiv Malik, president, Mylan, added, “With the addition of the business’ 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. We see significant opportunities to maximise our combined dermatology/topicals business and integrated operating platform on a worldwide basis, and expect it to be yet another key global franchise for us, even further strengthening and diversifying our business.”
The acquired business had approximately $ 370 million in 2015 revenues and has approximately 1,200 employees. The business’ commercial segment has a diversified and attractive portfolio of specialty brands and generic products in the dermatology space, as well as a deep pipeline of complex topical generics and brands in active development. The business has two high-quality manufacturing sites with capabilities and capacity in creams, ointments, aerosols/foams, gels, suspensions, liquids and suppositories that are complementary to Mylan's existing capabilities.
