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news.Sandoz, a division of the Novartis group, has acquired Fougera Pharmaceuticals, a specialty dermatology company, for $1.52bn, on a cash and debt free basis.
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With the completion of the acquisition, Fougera will be integrated into Sandoz’s US business based in Princeton, New Jersey, but will continue to exist as a separate legal entity.
Fougera will be home to a new center of excellence for generic dermatology development and manufacturing within the global Sandoz network, according to Sandoz.
Sandoz global head Jeff George said the company combines Fougera’s portfolio and pipeline of dermatology medicines with Sandoz’s existing global leadership positions in biosimilars and generic injectables, ophthalmics and antibiotics.
"This will significantly enhance the range of affordable, high-quality medicines that Sandoz can offer to patients and payors in the US and around the world," George added.
Fougera had net sales of $429m in 2011 in the US alone and has dermatology development and manufacturing expertise, especially in the area of semi-solid forms such as creams and ointments, in addition to branded business, PharmaDerm.
Dermatology covers a range of often complex diseases from acne to psoriasis to fungal infections to skin cancer.
The sellers comprise a consortium of private equity funds led by Nordic Capital Funds V and VI, including DLJ Merchant Banking Partners (a Credit Suisse affiliate) and Avista Capital Partners.