| 2 min read
Register for free to listen to this article
Listen with Speechify
0:00
2:00
HERTFORDSHIRE, U.K. & PITTSBURGH—Mylan N.V. on May 13 announced an agreement to acquire the non-sterile, topicals-focused specialty and generics business of Renaissance Acquisition Holdings LLC for $950 million in cash at closing, plus additional contingent payments of as much as $50 million, subject to customary adjustments. Mylan expects the transaction to be immediately accretive to its adjusted diluted earnings per share upon closing.
                
What this brings to Mylan is what it calls a “complementary portfolio” of more than two dozen branded and generic topical products, an active pipeline of another couple dozen products, and an established U.S. sales and marketing infrastructure targeting dermatologists.
 
“The dermatology/topicals space has long been an area of focus for Mylan and one that we have targeted for expansion. 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,” says Mylan CEO Heather Bresch. “We see significant opportunities to accelerate the growth potential of the business as part of the global Mylan platform, as we maximize our combined assets across customer channels and geographies. This acquisition was accounted for in our anticipated capital structure and does not require any additional financing. As such, we see no impact to the leverage ratio of 3.8x debt-to-adjusted EBITDA we anticipated following the closing of the Meda transaction, and we will retain ample financial flexibility for future value-creating initiatives.”
 
Regarding Meda, Mylan made a multibillion-dollar acquisition deal with the company early this year (see “Mylan makes $9.9B offer for Meda” story here). About 60 percent of Meda’s product sales are in the prescription area and around 40 percent are non-prescription cosmetic and/or over-the-counter products. Meda has a broad product portfolio but a trio of areas—respiratory, dermatology and pain and inflammation—make up about half of company sales. Meda does not conduct early-stage pharmaceutical development; rather, new products have been secured through acquisitions.
 
Getting back to Renaissance, Mylan says it also gains an integrated manufacturing and development platform and “a leading topicals-focused contract development and manufacturing organization.”
 
Renaissance, privately controlled and majority-owned by RoundTable Healthcare Partners, will retain its sterile-focused businesses and associated manufacturing facility.
 
“With the addition of the Business’s broad and durable portfolio, exciting pipeline of topical products, and strong manufacturing and R&D capabilities, we will have critical mass in the dermatology/topicals area and catapult to a leading position in this space,” said Mylan President Rajiv Malik. “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. 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. We also look forward to continuing to provide the business’s valued customers with the high quality service they are accustomed to.”
 
The Renaissance business had approximately $370 million in 2015 revenues and employs approximately 1,200 people. The business’s commercial segment has what Mylan call “a diversified and attractive portfolio of specialty brands and generic products in the dermatology space, as well as a deep pipeline of complex topical generics and brands in active development.”
 
The business’ manufacturing sites have capabilities and capacity in creams, ointments, aerosols/foams, gels, suspensions, liquids and suppositories that are said to be complementary to Mylan’s existing capabilities.

About the Author

Related Topics

Loading Next Article...
Loading Next Article...
Subscribe to Newsletter

Subscribe to our eNewsletters

Stay connected with all of the latest from Drug Discovery News.

Subscribe

Sponsored

Reliable fluid biomarkers strategies for clinical neuroscience research

Reliable fluid biomarkers strategies for clinical neuroscience research

Explore how validated fluid biomarker assays advance clinical research for neurological diseases.
A group of blue capsules is scattered on a bright yellow surface, with one capsule opened to reveal white powder inside.

Understanding drug impurities: types, sources, and analytical strategies

Unseen and often unexpected, drug impurities can slip in at every drug development stage, making their detection and control essential.
Laboratorian with a white coat and blue gloves pipettes green liquid into a beaker with multicolored liquids in beakers and tubes in the blue-tinged, sterile laboratory background.

Discovering cutting-edge nitrosamine analysis in pharmaceuticals

New tools help researchers detect and manage harmful nitrosamine impurities in drugs such as monoclonal antibodies.
Drug Discovery News March 2025 Issue
Latest IssueVolume 21 • Issue 1 • March 2025

March 2025

March 2025 Issue

Explore this issue