Almirall acquires 100% of ThermiGen

Almirall (ALM: MC) says it has exercised a call option to acquire 100% of the share capital of ThermiGen, a privately held USA-based medical aesthetics technology company and a developer and manufacturer of thermistor-regulated energy systems for plastic surgery and aesthetics dermatology applications.

In September 2015, Almirall, Spain’s largest pharma company, acquired a minority stake in ThermiGen for $5 million representing 7.7% of the share capital of the company and paid $2.5 million in exchange of a call option right to acquire up to 100% of the company for an enterprise value of around $80 million. In accordance with the terms of the agreement, the transaction was fulfilled during the month of January 2016.

This acquisition is in line with Almirall's strategy to build presence in the dermatology aesthetics market, following a previous minority equity investment in Suneva Medical announced on July 29, 2015. Upon completion of the acquisition, the addition of ThermiGen's portfolio provides Almirall with a technology and commercial platform in the energy-based devices segment; a recurrent business model and an experienced management team with a proven track record.