Mylan Closes on $1 Billion Acquisition of Topicals Business of RenaissanceBy
Mylan has successfully completed the acquisition of the non-sterile, topicals-focused specialty and generics business of Renaissance Acquisition Holdings, LLC in deal valued up to $1 billion. In May 2016, Mylan had announced its agreement to acquire the business for $950 million in cash at closing, plus additional contingent payments of up to $50 million, subject to customary adjustments.
The acquisition provides Mylan with a complementary portfolio and pipeline of branded and generic topical products, an established US sales and marketing infrastructure targeting dermatologists, and integrated manufacturing and development platform, including a topicals-focused contract development and manufacturing organization, DPT Laboratories.
Renaissance, privately controlled and majority-owned by RoundTable Healthcare Partners, retains its sterile-focused businesses and associated manufacturing facility.
Mylan CEO Heather Bresch commented: “By bringing together the Renaissance topicals business with Mylan’s existing assets and the pending addition of Meda and its dermatology portfolio, we will become a leader in this very attractive category. We see significant opportunities in this area as we maximize our combined assets across our customer channels and geographies, and expect dermatology/topicals to be another key global franchise for us. We are excited to welcome the Business’s more than 1,200 dedicated employees to the Mylan family and look forward to their contributions to our mission of providing high quality medicine to 7 billion people and creating better health for a better world.”