Mylan’s latest acquisition adds to its dermatology portfolio
CANONSBURG – Mylan N.V. is acquiring the nonsterile, topicals-focused specialty and generics business of Renaissance Acquisition Holdings LLC for $950 million in cash, plus up to $50 million in additional contingent payments.
Mylan, which announced the deal in a news release Friday, said the agreement will bring it a complementary portfolio of 25 branded and generic topical products, an active pipeline of 25 products, and an established U.S. 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 organization.
Renaissance, which is privately controlled and majority-owned by RoundTable Healthcare Partners, will retain its sterile-focused businesses and associated manufacturing facility.
“The dermatology/topicals space has long been an area of focus for Mylan and one that we have targeted for expansion,” said Mylan CEO Heather Bresch, adding the aquisition is highly complementary to Mylan’s existing assets and the pending addition of the Meda dermatology portfolio.
Renaissance had $370 million in 2015 revenues and 1,200 employees.
Mylan said the closing of the transaction is conditional upon regulatory approval and is expected to occur by the end of the third quarter.