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news.Nycomed has entered into a definitive agreement to acquire Bradley Pharmaceuticals for around $346 million. Subject to the approval of Bradley shareholders and competition authorities, the acquisition is expected to be completed in the first quarter of 2008.
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The acquisition provides Nycomed US with additional branded dermatologics to build on its PharmaDerm division and the opportunity to enhance its platform for acquisition, in-licensing and co-promotion. Nycomed plans to leverage its manufacturing and distribution capabilities to support the Bradley products line, improve customer service and optimize the cost structure. In addition, Nycomed will leverage the combined sales and marketing capabilities to enhance both the Bradley and Nycomed product lines.
Nycomed is offering $20 per share in cash, or an equity purchase price of $346 million to Bradley’s shareholders. The acquisition will be financed through strong generation of excess cash in 2007, equity commitment by current investors and by utilization of available credit facilities.
Hakan Bjorklund, CEO of Nycomed, said: “The acquisition of Bradley provides us with a unique opportunity to strengthen our dermatology expertise in the US with successful products and capabilities that match ours perfectly. The acquisition enables us to gain critical mass in the dermatology market and provides significant momentum for further add-on investments.”