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PITTSBURGH — Mylan N.V. has entered an agreement to buy the nonsterile, topicals-focused specialty and generics business of Renaissance Acquisition Holdings LLC for $950 million in cash.
Mylan said Friday that the Renaissance business, which has about 1,200 employees and posted sales of $370 million in 2015, will bring 25 branded and generic topical products, an active pipeline of about 25 products plus an established U.S. sales and marketing infrastructure targeting dermatologists.
“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 chief executive officer Heather Bresch stated. “We see significant opportunities to accelerate the growth potential of the business as part of the global Mylan platform, as we maximize our combined assets across customer channels and geographies.”
Also with the deal, Mylan will add two manufacturing sites with capabilities and capacity in creams, ointments, aerosols/foams, gels, suspensions, liquids and suppositories.
“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,” commented Mylan president Rajiv Malik. “We see significant opportunities to maximize 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.
“We look forward to welcoming the business’ talented employees to Mylan upon closing and working together to maximize the potential of our combined organization to set new standards in health care in this area,” Malik added.
Renaissance, privately controlled and majority-owned by RoundTable Healthcare Partners, will retain its sterile-focused businesses and manufacturing facility.
The deal also includes contingent payments from Mylan of up to $50 million. Mylan said the transaction is expected to be completed by the end of the third quarter, pending regulatory approval and other customary closing conditions.
