Novartis acquires pharmaceutical company

May 23, 2012

Swiss drugmaker Novartis has signed an agreement to acquire Fougera Pharmaceuticals for more than $1.5 billion in cash.

Basel, Switzerland - Swiss drugmaker Novartis has signed an agreement to acquire Fougera Pharmaceuticals for more than $1.5 billion in cash.

The purchase of Fougera, a specialty dermatology generics company headquartered in Melville, N.Y., is expected to be another boost for Sandoz, the division of Novartis specializing in generic drugs, Reuters reports. According to 2011 data from consulting firm IMS, the move will make Sandoz the top seller of generic dermatology medication.

Fougera Pharmaceuticals operates two main divisions: Fougera, a leading player in the $2.1 billion U.S. dermatology generics sector with 45 products, and PharmaDerm, a specialty pharma business with 17 brands.

According to Reuters, the transaction will require regulatory approvals and is expected to be complete before January 2013.

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