Almirall to acquire Poli Group for up to €400m

Spanish pharmaceutical firm Almirall has agreed to acquire 100% of the share capital of Poli Group Holding for €365m, boosting its presence in dermatology.

The deal also includes additional potential earnouts of €35m conditional on the development of the Poi Group business.

Poli Group, which employs 85 people, comprises three operating companies: Taurus Pharma, Polichem SA and Polichem Srl.

The Lugano, Switzerland-based firm has a diversified portfolio of proprietary and well-established drugs, focused on dermatology and complemented with a portfolio of gynaecology and respiratory products, the latter promoted through distributors.

The acquired brands include Ciclopoli, a flagship product that has led Poli Group to become a leader in nail diseases (onychomycosis). Other main dermatology products include Sililevo and Zeloglin, used to treat nail psoriasis and rosacea.

This transaction is the result of our continued focus on growing our presence in the global dermatology market

For the 12 months to June 2015, Poli Group generated net sales of around €85m; 60% of which, all activities in R&D and all direct commercial efforts are in the dermatology area.

Barcelona-based Almirall said the acquisition, in addition to expanding its presence in dermatology, would significantly reinforce its presence in over-the-counter medicines in Germany and provide the opportunity to further develop activities in the US.

The company also gains a dermatology focused R&D structure with proprietary formulation technology (HPCH) and three clinical stage dermatology products.

Jorge Gallardo, President of Almirall, said: 'This important transaction is the result of our continued focus on growing our presence in the global dermatology market. The products of Poli Group will provide Almirall with leading market positions in key geographies in which we want to increase our footprint. We still have room to grow in dermatology and will continue to analyse opportunities in the market.'