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Novartis gets U.S. approval to buy Fougera
WASHINGTON |
WASHINGTON (Reuters) - Swiss drugmaker Novartis has won U.S. antitrust approval to close its purchase of generic dermatology products maker Fougera.
The Federal Trade Commission said on Monday that as a condition of approval, Novartis agreed to give up the rights to market three topical skin care medicines made by Tolmar Inc and to cancel a deal for a fourth.
Novartis said in May that it would buy Fougera for $1.53 billion from a consortium of private equity funds led by Nordic Capital, DLJ Merchant Banking and Avista Capital Partners.
The three generic creams that Novartis must give up marketing rights to are a topical solution to treat psoriasis, a local anesthetic, and a cream to treat rosacea, which causes chronically red skin, the FTC said.
In addition to generic dermatology products, Fougera also has a branded specialty pharmaceuticals business. It had 2011 sales of $429 million.
Fougera, based in Melville, New York, will be folded into Novartis' Sandoz generics unit.
A spokeswoman for Novartis was not immediately available to comment on Monday.
(Reporting By Diane Bartz; editing by John Wallace)
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