LEO Pharma A/S announced in a press release that it has entered into an asset purchase agreement to acquire Astellas’ global dermatology portfolio for $727 million.
The acquisition includes Tokyo-based Astellas’ dermatology products of Protopic treatment for eczema, Zineryt for acne and Locoid and Locobase for skin care, except for Protopic in Japan, according to the release.
“This is a historic milestone for LEO Pharma and will be instrumental in our efforts to help even more people living with skin diseases,” Gitte Aabo, CEO and president of LEO Pharma, stated in the release. “We … look forward to working closely with Astellas to ensure a seamless transfer of the portfolio.”
The transaction, the largest in LEO Pharma’s history, creates a strong foothold in markets in China and Russia, according to the release. LEO Pharma is based in Denmark.
“We feel that dermatology patients around the world will be better served by transferring these products to LEO Pharma, a company with a strong focus on the dermatology therapeutic area,” Yoshihiko Hatanaka, president and CEO of Astellas, stated in the release.
The closing of transaction is expected in the first quarter of 2017, and is subject to satisfaction of customary closing condition, according to the release.