LEO Pharma has completed the acquisition of Bayer’s prescription dermatology portfolio in the US. The deal is expected to also close in other markets in the second half of 2019.
LEO Pharma and Bayer intend to work jointly to facilitate the smooth transition of the business in the rest of the countries, subject to applicable laws and customary closing conditions.
Both partners will also ensure an uninterrupted supply of the dermatology products.
LEO Pharma US president and CEO Chris Posner said: “Completing this acquisition enables LEO Pharma US to significantly broaden its therapeutic areas and skilled workforce, ultimately providing more treatment options for dermatology patients across the country.”
While financial details have not been disclosed, the deal is said to cover global products rights, except in Afghanistan and Pakistan.
Bayer’s prescription dermatology portfolio of products comprise a topical rosacea treatment called Finacea, multiple topical steroids and additional treatments for acne and fungal skin infections.
The agreement also includes the sales and marketing organisations that fall under the dermatology unit’s operations in 14 countries.
After completion of the transaction in all countries, a total of 450 employees will move from Bayer to LEO Pharma.
Bayer North America Consumer Health business president Patrick Lockwood-Taylor said: “Our Rx Dermatology colleagues have worked diligently to develop this business over many years.
“With the closing of the transaction in the US, the business is now in the best hands for future growth and allows Bayer to focus on our core OTC business.”