Date: 2016-05-13
Type of information: Company acquisition
Acquired company: non-sterile, topicals-focused specialty and generics business of Renaissance Acquisition Holdings (Canada - USA)
Acquiring company: Mylan (USA - PA)
Amount: $950 million (€835 million)
Terms: * On May 13, 2016, Mylan announced an agreement to acquire the non-sterile, topicals-focused specialty and generics business of Renaissance Acquisition Holdings, for $950 million in cash at closing, plus additional contingent payments of up to $50 million , subject to customary adjustments. Renaissance, privately controlled and majority-owned by RoundTable Healthcare Partners , will retain its sterile-focused businesses and associated manufacturing facility.The transaction is expected to be immediately accretive to Mylan's adjusted diluted earnings per share upon closing. Mylan is acquiring the Business on a cash-free, debt-free basis and expects to finance the transaction using a combination of cash on hand and available borrowings under existing credit facilities. The closing of this transaction is conditional upon regulatory approval and other customary closing conditions and is expected to occur by the end of the third quarter of 2016.
Cravath, Swaine & Moore LLP served as legal advisor in this transaction.
Details: Renaissance's non-sterile, topicals-focused specialty and generics business will bring Mylan a complementary portfolio of approximately 25 branded and generic topical products, an active pipeline of approximately 25 products, and an established U.S. 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 .
The Business had approximately $370 million in 2015 revenues and has approximately 1,200 employees. The Business's commercial segment has 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 has two high-quality manufacturing sites with capabilities and capacity in creams, ointments, aerosols/foams, gels, suspensions, liquids and suppositories that are complementary to Mylan's existing capabilities.
Related: Generics
