Almirall is acquiring a portfolio of five products from Allergan’s Medical Dermatology unit in the United States, conditional to the clearance by the relevant authorities. The portfolio includes Aczone® (dapsone), Tazorac® (tazarotene), Azelex® (azelaic acid) and Cordran® Tape (fludroxycortide), as well as SeysaraTM (sarecycline), a new first in class tetracycline-derived antibiotic with anti-inflammatory properties for the treatment of moderate to severe acne vulgaris, in patients 9 years of age and older, with a best-in-class safety profile. FDA approval of Seysara (sarecycline) is anticipated in Q4 2018.
The acquisition has been announced for a cash consideration of $550 Million at closing. The portfolio had net sales of $70 Million in H1 2018. Almirall expects peak sales of Seysara (sarecycline) from $150 Million to $200 Million.
Peter Guenter, Chief Executive Officer, Almirall, commented, “This is a transformational deal for Almirall. It will reinforce and consolidate our position in the world’s largest dermatology market and is a well-balanced portfolio of mature and growth brands with a major launch opportunity of an innovative New Chemical Entity (NCE). It is perfectly complementary to our existing platform and will be immediately accretive to our earnings. It offers us medium to long term top and bottom line growth opportunities. Moreover, it will allow for an expanded platform to launch KX2-391, which has the potential to become a new standard of care in actinic keratosis.”
With this acquisition, Almirall says it consolidates and reinforces its presence in the US, the largest market in the world, and expands its range of dermatological products, representing a transformational step for Almirall US as well as Almirall as a whole.
The transaction is subject to be approved by antitrust authorities in the US. Almirall does not envisage any significant obstacles to closing by Q4 2018.
Strategic and straight forward transaction in one single geography.