Spain's Almirall buys Aqua Pharmaceuticals for up to $400 million

MADRID Tue Dec 17, 2013 3:20am EST

MADRID Dec 17 (Reuters) - Spanish drugs company Almirall is buying U.S. group Aqua Pharmaceuticals for up to around $400 million in a deal which will help open the U.S. market for a group which is already in both Mexico and Canada.

Almirall will pay RoundTable Healthcare Partners an initial $305 million plus an additional payment of $22.6 million for the amortisation of long-term tax assets, the Spanish company said on Tuesday.

Almirall may also have to pay a further $75 million from 2014 to 2015 if the U.S. group reaches regulatory and commercial objectives.

Aqua Pharmaceuticals specialises in the development and marketing of drugs for the treatment of skin conditions like acne. It has a workforce of 122 employees and expects 2013 sales to reach $127 million.

"Dermatology is a key platform of growth for Almirall and continues to be a key future growth driver," the Spanish group said.

The buyout, financed through debt, will be finalised on Dec. 31, 2013, once given the regulatory green light, Almirall said.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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