Mylan to acquire Renaissance’s specialty, generics businesses
PITTSBURGH — Mylan on Thursday announced the planned acquisition of Renaissance Acquisition Holdings’ specialty and generics businesses, which are focused on topical treatments. The deal will see Mylan paying $950 million in cash at closing, as well as additional contingent payments up to $50 million based on customary adjustments.
The parts of Renaissance’s business Mylan is purchasing saw about $370 million in revenue in 2015 and has 1,200 employees, as well as two manufacturing sites with capabilities for creams, ointments, aerosols, gels, suspensions, liquids and suppositories.
“The dermatology/topicals space has long been an area of focus for Mylan and one that we have targeted for expansion,” Mylan CEO Heather Bresch 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 acquisition will bring Mylan some 25 branded and generic topical products alongside a pipeline of another 25 potential products. It will also add to the company an integrated manufacturing and development platform.
“We see significant opportunities to maximize our combined dermatology/topicals business and integrated operating platform on a worldwide basis, and expect it to be yet another key global franchise for us, even further strengthening and diversifying our business,” Mylan president Rajiv Malik said. “We look forward to welcoming the Business's talented employees to Mylan upon closing and working together to maximize the potential of our combined organization to set new standards in healthcare in this area.”
FDA approves Aurobindo’s generic Opana
Dayton, N.J. — Aurobindo Pharma on Thursday announced that it had received final approval from the Food and Drug Administration for its generic Opana (oxymorphone HCl) tablets. The drug is indicated to help relieve moderate to severe pain in patients whose doctors have deemed the use of an opioid appropriate.
The drug will be available in 5- and 10-mg dosage strengths and IMS Health has estimated it market size to be about $103.1 million for the 12 months ended March 2016.
Benzer Pharmacy receives full URAC specialty accreditation
AUBURNDALE, Fla. — Benzer Pharmacy on Wednesday announced that it had received specialty pharmacy accreditation from the Utilization Review Accreditation Commission (URAC).
“Achieving the specialty accreditation from URAC reaffirms our company’s dedication to consistency and excellence in delivering great services as the pharmacy is projected to grow rapidly in order to reach more customers and to make sure their experiences match their expectations,” Benzer Pharmacy president Alpesh Patel said.
Patel added that the company specializes in specialty pharmacy while offering management programs to patients with complex chronic diseases.
“Benzer Pharmacy should be commended for meeting strict quality standards,” URAC president and CEO Kylanne Green said. “It is critically important for healthcare organizations to make a commitment to quality and accountability. URAC accreditation is a demonstration of that commitment.”
Benzer opened a specialty hub in Louisiana in March, and made a push that same month to recruit independent pharmacies by offering a franchise opportunity to be part of its hub-and-spoke specialty model. Currently, the company has more than 50 locations in eight states.
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