Almirall buys US Aqua Pharmaceuticals for $328 million

Barcelona (ACN). – Catalan pharmaceutical company Almirall has announced on Tuesday it has reached an agreement to buy Aqua Pharmaceuticals, an American company specialised in dermatological treatments. The $328 million transaction (equivalent to some €240 million) reflects the Catalan multinational’s strategy to diversify its activities, by establishing itself in a sector that will be a “key platform for growth”. Aqua Pharmaceuticals has a portfolio of well known brands for treating acne and skin rashes such as steroid-responsive dermatosis, seborrhoeic dermatitis, atopic dermatitis and actinic keratosis. This year the total sales of the company’s products are expected to generate $127 million. According to a statement from Almirall to the Spanish Stock Market Regulation Authority (CNMV), Aqua Pharmaceuticals has a “proven track record” in the dermatology market. The Catalan company intends to continue employing the same management team to benefit from their experience in the US market.

Initially, Barcelona-based Almirall has paid $305 million in cash and has established an additional payment of $22.6 million for the amortization of certain fiscal assets in the long term. The company may also have additional payments of up to $75 million if it meets certain regulatory and commercial objectives for 2014 and 2015.

Aqua EBITDA margins are above the market average and the transaction is expected to instantly increase Almirall’s earnings per share. On the 24^th of February, when the annual results for 2013 will be presented, it will be easier to make financial previsions for the entire year 2014.