Mylan NV (Nasdaq: MYL) will buy Renaissance Acquisition Holdings LLC’s non-strerile topicals business for up to $1 billion, including a maximum $50 million earn-out payment. Renaissance is backed by RoundTable Healthcare Partners.
The target has 50 products, with 25 of them being branded and generic, and another 25 in an active pipeline. The business produced about $370 million in sales in 2015. The sale does not include Renaissance’s sterile-focused assets.
Renaissance operates through two divisions: Renaissance Pharma, which focuses on generic drugs, and its branded business, Prestium Pharma Inc. The latter is known for topical creams and other skincare treatments under the Denavir, Elimite, Erygel, Evoclin, Luxiq, Olux, Phenergan, Prudoxin, and Zovirax brands. Lake Forest, Illinois-based RoundTable formed Renaissance in 2010 when it purchased Confab Laboratories and DPT Laboratories.
"The dermatology/topicals space has long been an area of focus for Mylan and one that we have targeted for expansion,” says Mylan CEO Healther Bresch. “We see significant opportunities to accelerate the growth potential of the business as part of the global Mylan platform.” Earlier in 2016, Mylan agreed to pay $9.9 billion for over the counter drugs distributor Meda.
Cravath Swaine & Moore LLP is representing Mylan. Deutsche Bank Securities Inc. (NYSE: DB) and Sidley Austin LLP are advising the sellers.
In other pharmaceutical deals, Bristol-Myers Squibb Company (NYSE:BMY) will acquire Padlock Therapeutics; Gilead Sciences Inc. (Nasdaq: GILD) has agreed to buy Nimbus Apollo Inc.; and Roche Holding AG (VTX: ROG) has agreed to purchase Tensha Therapeutics.