Novartis AG (NVS) Snags Fougera (AAA) for $1.5 Billion for Generic Skin Drugs
5/3/2012 7:38:01 AM
Novartis AG (NOVN), Europe’s largest drugmaker, said it will spend $1.5 billion for closely held Fougera Pharmaceuticals Inc. in a deal to become the top seller of generic skin medications. Fougera, based in Melville, New York, had sales of about $429 million in 2011 and is owned by private equity funds, including Nordic Capital, Avista Capital Partners and DLJ Merchant Banking, a subsidiary of Credit Suisse Group AG, the companies said yesterday in a statement. The all-cash acquisition will make Sandoz, the generic drug unit of Novartis, the global leader in generic dermatology medicines with an estimated revenue of $620 million, the companies said.