LEO Pharma acquires own portfolio in the US

23 September 2009

LEO Pharma A/S, a world leader in treatment of dermatological diseases, has re-acquired the US-rights to the company’s psoriasis portfolio and dermatology pipeline from the previous partner in the US, Warner Chilcott. The transaction sum is set at 1 billion USD.

LEO Pharma A/S, a privately-held, leading global pharmaceutical company within Dermatology and Critical Care, has just signed an agreement under which the company re-acquired all rights to market its present psoriasis portfolio and future dermatological pipeline in the US. Seller is Warner Chilcott and the transaction sum 1 billion USD.

The portfolio covers Taclonex® Ointment, Taclonex Scalp® Topical Suspension, Dovonex® Cream, and Dovonex® Scalp Solution, all for the topical treatment of psoriasis, as well as any and all dermatology products in the pipeline.

The deal is LEO Pharma’s largest ever and is indicative of the company’s commitment to geographic expansion and growth in areas including the USA.

"We have valued the collaboration with Warner Chilcott and look forward to establishing LEO as a leading company within the American Dermatology market, armed with one of the strongest pipelines within dermatology," said Gitte Aabo, CEO at LEO Pharma.

The acquisition is LEO Pharma’s second this month. On 3 September the company announced a definitive agreement under which it will acquire Australian-American Peplin, a development stage specialty pharmaceutical company focused on advancing and commercialising innovative medical dermatology products.

The reacquisition of its psoriasis portfolio and dermatological pipeline from Warner Chilcott provides an American stepping stone for the Danish company and an affiliate which has been incorporated to be headquartered in New Jersey. President and CEO will be John Koconis, presently leading the Dermatology Division and part of the management team at LEO Pharma’s large UK operation.

"We expect that, after a transition period, we will be able to start operations in the beginning of 2010. LEO Pharma is a leader within the field of dermatology; developing and marketing products to the benefit of patients across many countries. It is our intention to now also establish LEO as a leading company within the American Dermatology market. Armed with one of the strongest pipelines within dermatology, the US presence will create a platform allowing LEO to bring all future products to markets through our own affiliate, including the products coming out of our Peplin acquisition," said John Koconis.

The recent activity on the US market follows other expansive moves: LEO Pharma has established its own operations in China, Mexico, and Russia – and Brazil will come onboard during 2010.

"We have, over the last decade, focused our strategy on our core pharmaceutical business within dermatology and critical care. This strategy has placed us in a very attractive financial and organisational position to actively pursue opportunities that fit with our strategy," said Gitte Aabo.

Morgan Stanley acted as financial adviser to LEO Pharma on this transaction.

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