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Holds on to OTC brands.
July 31, 2018
By: Christine Esposito
Bayer is selling its global prescription dermatology unit to LEO Pharma. The portfolio to be acquired includes branded topical prescription treatments for acne, fungal skin infections and rosacea, and a range of topical steroids with an annual turnover in 2017 of more than €280 million. The transaction does not include Bayer’s OTC dermatology portfolio of brands, which includes Bepanthen and Canesten among others. Financial details of the transaction were not disclosed. LEO Pharma will acquire the global product rights, except for Afghanistan and Pakistan, and take over the sales and marketing organizations in 14 countries, as well as a factory in Segrate, Italy. The acquisition is expected to close in two step; during 2018 for the US, and during the second half of 2019 for all other markets, subject to the satisfaction of customary closing conditions, including approval by the competition authorities.
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