Mylan announced Friday an agreement to acquire Renaissance Acquisition Holdings' non-sterile, topicals-focused specialty and generics business for up to $1 billion. The deal includes $950 million in cash on closing, which is expected in the next quarter, plus additional contingent payments of up to $50 million.
Mylan CEO Heather Bresch remarked "the dermatology/topicals space has long been an area of focus for Mylan and one that we have targeted for expansion." Bresch added "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 noted that the transaction will include approximately 25 branded and generic topical products, as well as a similar number of pipeline assets, two manufacturing sites and an established US sales and marketing infrastructure. The drugmaker added that the deal also includes an integrated manufacturing and development platform in addition to a topicals-focused contract development and manufacturing organisation.
Mylan indicated that Renaissance's specialty and generics business generated about $370 million in revenue last year, with the transaction expected to be immediately accretive to earnings upon closing.
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