Almirall Exercises Call Option to Acquire ThermiGen

01/11/2016

Barcelona pharma company Almirall, S.A., is stepping up their plans to take on ThermiGen LLC.  The company is now exercising their call option to acquire 100 percent of the share capital of ThermiGen.  

In September 2015, Almirall acquired a minority stake in ThermiGen for USD $5 million representing 7.7 percent of the share capital of the company and paid $2.5 million in exchange of a call option right to acquire up to 100 percent of the company for an Enterprise Value of C. $80m. The closing is conditional, but the transaction will be fulfilled during the month of January 2016.

ThermiGen’s product portfolio is based on thermistor-regulated energy systems. This technology is used for multiple non-invasive and minimally invasive procedures. ThermiRF® is the first US Food and Drug Administration (FDA)-cleared aesthetic device that employs temperature-controlled radio frequency to be used in dermatological and general surgical procedures for electrocoagulation and hemostasis and to create lesions in nervous tissue. ThermiGen also has the worldwide rights to commercialize the Thermi250® which also employs temperature-controlled radio frequency using a specially designed thermistor regulated hand piece to deliver precise heating to the skin’s surface.

ThermiGen, doing business as Thermi, had $11.4m of revenue in 2014 and is expecting to close 2015 with nearly $30m in sales and positive operating results. The Dallas-based  ompany was founded in June 2012 by Paul Herchman (CEO) and Kevin O’Brien (President). Its Clinical Advisory Board is chaired by Beverly Hills, Calif-based Plastic Surgeon Brian Kinney, MD.

This acquisition is in line with Almirall’s strategy to build presence in the dermatology and aesthetics market. It follows a previous minority equity investment in Suneva Medical.

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