Almirall Expands in Dermatology, Buying Poli Group for $386M+

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Almirall said today it will acquire the holding company of Poli Group, in a €365 million ($385.8 million)-plus deal designed to help the buyer fulfill its goal of becoming a top developer of dermatology treatments.

That goal was first articulated by Almirall last year, after it sold its franchise of respiratory treatments to AstraZeneca for up to $2.1 billion.

By acquiring Poli Group, Almirall said it will grow its global revenues in dermatology, in part by further expanding in the U.S. Almirall also said the deal will expand its portfolio in the specialty, increase its presence in fast-growing regions, and give the company a dermatology-focused R&D operation with a proprietary formulation technology and three clinical-stage dermatology products.

Dermatology accounts for 60% of Poli Group’s product sales, all R&D activities, and all direct commercial efforts. Poli Group brands include Ciclopoli® for nail diseases (onychomycosis), Sililevo® for nail psoriasis, and Zeloglin® for rosacea.

“We still have room to grow in dermatology and will continue to analyze opportunities in the market,” Almirall President Jorge Gallardo said in a statement.

Poli Group also markets gynecological and respiratory treatments.

In addition to the deal price, Almirall has also agreed to pay out up to an additional €35 million (about $37 million) tied to achieving development milestones.

The deal is subject to approval by Almirall shareholders as well as antitrust authorities in some markets. Almirall expects the deal to close by the end of this year or early in 2016.

Almirall said the deal will be funded using available cash balance, and is expected to add to the company’s adjusted earnings per share in the first year after the transaction.

Headquartered in Verona, Italy, Poli Group has 85 employees and consists of three operating companies—Taurus Pharma, Polichem S.A., and Polichem S.r.l. For the 12 months ending in June, Poli Group generated close to €85 million (about $90 million) in net sales.








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