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Almirall to acquire Aqua Pharmaceuticals
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Spanish-based Almirall has announced it has agreed to acquire Aqua Pharmaceuticals, a privately held US-based prescription dermatology company.
The international pharmaceutical company will purchase Aqua for $305 million up front, along with an additional $22.6 million related to amortization of certain long-term tax assets, according to a press release. If predetermined milestones are met in 2014 and 2015, $75 million could be added to the transaction.
Aqua promotes prescription dermatology brands throughout the United States, including doxycycline monohydrate (Monodox) capsules for treating acne; Cordran lotion and cream, a topical corticosteroid for treating inflammatory dermatoses; fluorouracil (Fluoroplex) cream, indicated for treating actinic keratosis; ketoconazole gel (Xolegel), for treating seborrheic dermatitis; and desonide foam (Verdeso) for treating steroid-responsive dermatoses.
“We are extremely pleased to announce this latest strategic move which strengthens a key platform of growth, gives us access to the largest dermatology market globally, promises to provide the potential in the future to leverage our own products in the US and benefits future profitability,” Eduardo Sanchiz, Almirall chief executive officer, said in the release.