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Mylan NV, a global pharmaceutical company, announced that it has successfully completed the acquisition of the non-sterile, topicals-focused specialty and generics business (the business) of Renaissance Acquisition Holdings, LLC (Renaissance).
The Business brings Mylan an attractive and complementary portfolio and pipeline of branded and generic topical products, an established US sales and marketing infrastructure targeting dermatologists, and a high quality, integrated manufacturing and development platform, including a leading topicals-focused contract development and manufacturing organization.
Mylan CEO Heather Bresch commented, "By bringing together the Renaissance topicals business with Mylan's existing assets and the pending addition of Meda and its dermatology portfolio, we will become a leader in this very attractive category. We see significant opportunities in this area as we maximize our combined assets across our customer channels and geographies, and expect dermatology/topicals to be another key global franchise for us. We are excited to welcome the Business's more than 1,200 dedicated employees to the Mylan family and look forward to their contributions to our mission of providing high quality medicine to 7 billion people and creating better health for a better world."
Mylan president Rajiv Malik added, "With this transaction, we continue to strengthen, expand and diversify our portfolio, pipeline and manufacturing and supply chain infrastructure, adding exciting new capabilities and commercial opportunities to our unmatched global platform. We are confident that we will be able to drive significant growth from this Business by taking their portfolio and pipeline, in combination with the Mylan and Meda assets, into new markets outside of North America. We also look forward to continuing to provide the Business's valued customers with high quality products and services they expect."
The transaction is expected to be immediately accretive to Mylan's adjusted diluted earnings per share. Cravath, Swaine & Moore LLP served as legal advisor in this transaction.
