Mylan to purchase Renaissance’s specialty and generics business

Mylan has agreed to purchase the non-sterile topicals-focused specialty and generics business of Renaissance Acquisition Holdings in a deal worth up to $1 billion (690.34 million pounds).

The deal involves a payment of $950 million in cash at closing, plus additional contingent payments of up to $50 million. Finalisation of the acquisition is expected to take place in the third quarter of 2016.

This will give Mylan access to a portfolio of 25 branded and generic topical products, as well as an active pipeline of another 25 products and an established US sales and marketing infrastructure targeting dermatologists.

Mylan will also take control of Renaissance's integrated manufacturing and development platform and its leading topicals-focused contract development and manufacturing organisation.

Heather Bresch, Mylan's chief executive officer, said: "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 $7.2 billion Meda acquisition was announced earlier this year and is expected to create a new diversified global pharmaceutical industry leader when completed.