Almirall picks up Allergan’s dermatology portfolio to for $650m
Allergan has sealed a deal to sell its dermatology portfolio, comprising five brands, to Spanish pharmaceutical firm Almirall for $650 million in cash.
The deal breaks down to an upfront cash payment by Almirall to the tune off $550 million, and a further £100 million with change hands according to commercial successes in the form of milestone payments in 2022. The portfolio generated $70 million in the first half of 2018.
The brands covered in the deal include three acne treatments: Aczone (dapsone), Tazorac (tazarotene) and Azelex (azelaic acid), Cordran Tape (fludroxycortide) for dermatoses, and the tetracycline-derived antibiotic Seysara (sarecycline), a therapy for moderate to severe acne vulgaris which is expected to achieve peak sales of $150-200 million.
“This is a transformational deal for Almirall,” remarked the firm’s CEO Peter Guenter. “It will reinforce and consolidate our position in the world’s largest dermatology market and is a well-balanced portfolio of mature and growth brands with a major launch opportunity of an innovative New Chemical Entity (NCE). It is perfectly complementary to our existing platform and will be immediately accretive to our earnings. It offers us medium to long term top and bottom line growth opportunities. Moreover, it will allow for an expanded platform to launch KX2-391, which has the potential to become a new standard of care in actinic keratosis”.
The company added in its release: “With this acquisition, Almirall consolidates and reinforces its presence in the US, the largest market in the world, and expands its range of dermatological products, representing a transformational step for Almirall US as well as Almirall as a whole. Our global and US leadership team is comprised of several former Allergan senior executives with a deep knowledge of the acquired product portfolio.”
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