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Mylan NV (NASDAQ, TASE: MYL) agreed to acquire the Topical Division of Renaissance Acquisition Holdings LLC, which is majority-owned by private equity firm RoundTable Healthcare Partners, for $950 million in cash, plus additional contingent payments of up to $50 million. The Topical Division of Renaissance is a fully-integrated, specialty pharmaceutical business focused on the manufacture, development, sales and marketing of branded and generic topical pharmaceutical products. RoundTable started Renaissance in 2010 when it acquired two leading contract manufacturing and development organizations, Confab Laboratories, based in Montreal, and DPT Laboratories, based in San Antonio, Texas. Renaissance has developed into one of the largest, privately-held, vertically-integrated specialty pharmaceutical companies in the topicals/dermatology market in North America. “The dermatology/topicals space has long been an area of focus for Mylan and one that we have targeted for expansion. 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,” said Mylan CEO Heather Bresch. Mylan agreed to acquire Swedish drugmaker AB (MEDA-A.ST) in a $7.2 billion cash and stock deal in February. “On behalf of RoundTable, I would like to thank the outstanding management team and dedicated employees of Renaissance for creating a leading specialty pharmaceutical company,” said Pierre Frechette, senior operating partner at RoundTable and chairman of Renaissance. The Topical Division of Renaissance will bring Mylan a complementary portfolio of approximately 25 branded and generic topical products, an active pipeline of approximately 25 products, and an established U.S. sales and marketing infrastructure targeting dermatologists. The Topical Division also brings Mylan an integrated manufacturing and development platform and a leading topicals-focused contract development and manufacturing organization (CDMO). The Topical Division had revenues of approximately $370 million in 2015 and has approximately 1,200 employees. The division’s commercial segment has a diversified and attractive portfolio of specialty brands and generic products in the dermatology space, as well as a deep pipeline of complex topical generics and brands in active development. The division has two high-quality manufacturing sites with capabilities and capacity in creams, ointments, aerosols/foams, gels, suspensions, liquids and suppositories that are complementary to Mylan’s existing capabilities. Mylan is acquiring the Topical Division of Renaissance on a cash-free, debt-free basis and expects to finance the transaction using a combination of cash on hand and available borrowings under existing credit facilities. The closing of this transaction is conditional upon regulatory approval and other customary closing conditions and is expected to occur by the end of the third quarter of 2016. As part of this transaction, Renaissance will continue to own and operate its sterile-focused specialty pharmaceutical business with development and manufacturing facilities in Lakewood, New Jersey. Cravath, Swaine & Moore LLP served as legal advisor to Mylan in this transaction. Deutsche Bank Securities Inc. acted as exclusive financial advisor to Renaissance. Sidley Austin LLP acted as lead legal counsel to RoundTable. Mylan NV develops, licenses, manufactures, markets, and distributes generic, branded generic, and specialty pharmaceuticals worldwide. The company provides generic or branded generic pharmaceutical products in tablet, capsule, injectable, transdermal patch, gel, cream, or ointment forms, as well as active pharmaceutical ingredients (APIs). The company was formerly known as New Moon BV. Mylan was founded in 1961 and is based in Hertfordshire, the United Kingdom. RoundTable Healthcare Partners, based in Lake Forest, Ill., is an operating-oriented private equity firm focused exclusively on the healthcare industry. RoundTable has established a successful track record of working with owner/founders, family companies, management teams, entrepreneurs and corporate partners. RoundTable has raised $2.75 billion in committed capital, including four equity funds totaling $2.15 billion and three subordinated debt funds totaling $600 million.]]>