Mylan to Acquire Renaissance in $1 Billion Deal To Boost Topicals Business
Mylan has agreed to acquire the non-sterile, topicals-focused specialty and generics business of Renaissance Acquisition Holdings, LLC for $950 million in cash at closing, plus additional contingent payments of up to $50 million, subject to customary adjustments.
The business provides Mylan with a complementary portfolio of approximately 25 branded and generic topical products, a pipeline of approximately 25 products, and an established US sales and marketing infrastructure targeting dermatologists. It also provides an integrated manufacturing and development platform and a topicals-focused contract development and manufacturing organization. Renaissance, privately controlled and majority-owned by RoundTable Healthcare Partners, will retain its sterile-focused businesses and associated manufacturing facility.
The business had approximately $370 million in 2015 revenues and has approximately 1,200 employees. The business’s commercial segment has a portfolio of specialty brands and generic products in the dermatology space, as well as a pipeline of complex topical generics and brands in active development. The business has two manufacturing sites with capabilities and capacity in creams, ointments, aerosols/foams, gels, suspensions, liquids and suppositories that are complementary to Mylan’s existing capabilities. Mylan is acquiring the Business on a cash-free, debt-free basis and expects to finance the transaction using a combination of cash on hand and available borrowings under existing credit facilities. The closing of this transaction is conditional upon regulatory approval and other customary closing conditions and is expected to occur by the end of the third quarter of 2016.