Mylan to acquire Renaissance derma business for $1 billion

Netherlands-incorporated Mylan (Nasdaq: MYL) is to acquire the non-sterile, topicals-focused specialty and generics business of Renaissance Acquisition Holdings.

The deal is for $950 million in cash at closing, plus additional contingent payments of up to $50 million, subject to customary adjustments. The transaction is expected to be immediately accretive to Mylan's adjusted diluted earnings per share on closing. Mylan is also in the process of a $7.2 billion acquisition of Sweden's Meda.

The business will bring Mylan a complementary portfolio of around 25 branded and generic topical products, an active pipeline of about 25 products, and an established US sales and marketing infrastructure targeting dermatologists. The business also brings Mylan an integrated manufacturing and development platform and a leading topicals-focused contract development and manufacturing organization (CDMO). Renaissance, privately controlled and majority-owned by RoundTable Healthcare Partners, will retain its sterile-focused businesses and associated manufacturing facility.