Mylan to acquire Renaissance’s specialty, generics businesses

PITTSBURGH — Mylan on Thursday announced the planned acquisition of Renaissance Acquisition Holdings’ specialty and generics businesses, which are focused on topical treatments. The deal will see Mylan paying $950 million in cash at closing, as well as additional contingent payments up to $50 million based on customary adjustments. 

 

The parts of Renaissance’s business Mylan is purchasing saw about $370 million in revenue in 2015 and has 1,200 employees, as well as two manufacturing sites with capabilities for creams, ointments, aerosols, gels, suspensions, liquids and suppositories. 

 

“The dermatology/topicals space has long been an area of focus for Mylan and one that we have targeted for expansion,” Mylan CEO Heather Bresch said. “This is a strong and growing business in a very attractive category, which is highly complementary to Mylan's existing assets and the pending addition of the Meda dermatology portfolio.”

 

The acquisition will bring Mylan some 25 branded and generic topical products alongside a pipeline of another 25 potential products. It will also add to the company an integrated manufacturing and development platform.

 

“We see significant opportunities to maximize our combined dermatology/topicals business and integrated operating platform on a worldwide basis, and expect it to be yet another key global franchise for us, even further strengthening and diversifying our business,” Mylan president Rajiv Malik said. “We look forward to welcoming the Business's talented employees to Mylan upon closing and working together to maximize the potential of our combined organization to set new standards in healthcare in this area.”