Novartis is the latest company to jump on the acquisition merry-go-round by agreeing to buy US dermatology generics specialist Fougera Pharmaceuticals.
The Swiss major is paying just under $1.53 billion in cash for the New York-based firm, which is owned by a consortium of private equity funds led by Nordic Capital, Credit Suisse's DLJ Merchant Banking affiliate and Avista Capital Partners. The acquisition makes Novartis' Sandoz unit "the number one generic dermatology medicines company globally and in the USA".
Fougera had sales of $429 million last year and employs 700 people. It has 45 products and also has a branded business, PharmaDerm, which markets 17 treatments. The company added that "numerous launches" are planned for 2012.
Novartis noted that US dermatology generics is "an attractive industry segment", worth $2.1 billion and is enjoying strong double-digit growth. Combined Fougera/Sandoz sales in this area are worth around $620 million, and come primarily from the USA, but plans are in place to bring the products to new markets; Sandoz has a presence in over 130 countries.
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