MADRID Dec 17 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
Almirall may also have to pay a further $75 million from
2014 to 2015 if the U.S. group reaches regulatory and commercial
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
The buyout, financed through debt, will be finalised on Dec.
31, 2013, once given the regulatory green light, Almirall said.