Mylan to buy Renaissance’s dermatology business for up to $1 billion
Generics maker Mylan (Nasdaq: MYL) has agreed to buy skincare products from Renaissance Acquisition Holdings for up to $1 billion.
The deal includes $950 million in cash and an additional contingent payment of up to $50 million, the company said in a statement.
Mylan chief executive Heather Bresch said: “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.”
The acquisition will not require any additional financing and has been accounted for in the anticipated capital structure, the company said in a statement.
The dermatological assets business reported about $370 million in revenue for 2015.
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