Novartis gets U.S. approval to buy Fougera

Mon Jul 16, 2012 10:32pm IST

Stocks

   
Priyanka Gandhi Vadra, daughter of Congress party chief Sonia Gandhi, adjusts her flower garlands as she campaigns for her mother during an election meeting at Rae Bareli in Uttar Pradesh April 22, 2014. REUTERS/Pawan Kumar

Election 2014

More than 814 million people — a number larger than the population of Europe — are eligible to vote in the world’s biggest democratic exercise.  Full Coverage 

* Novartis must give up rights to three medicinal creams

* Fougera will be folded into Sandoz generics unit

WASHINGTON, July 16 (Reuters) - Swiss drugmaker Novartis has won U.S. antitrust approval to close its purchase of generic dermatology products maker Fougera.

The Federal Trade Commission said on Monday that as a condition of approval, Novartis agreed to give up the rights to market three topical skin care medicines made by Tolmar Inc and to cancel a deal for a fourth.

Novartis said in May that it would buy Fougera for $1.53 billion from a consortium of private equity funds led by Nordic Capital, DLJ Merchant Banking and Avista Capital Partners.

The three generic creams that Novartis must give up marketing rights to are a topical solution to treat psoriasis, a local anesthetic, and a cream to treat rosacea, which causes chronically red skin, the FTC said.

In addition to generic dermatology products, Fougera also has a branded specialty pharmaceuticals business. It had 2011 sales of $429 million.

Fougera, based in Melville, New York, will be folded into Novartis' Sandoz generics unit.

A spokeswoman for Novartis was not immediately available to comment on Monday.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Monsoon Forecast

Monsoon Forecast

South Asia monsoon seen below-average to average in 2014 - WMO.  Full Article 

Solar Dispute

Solar Dispute

Green groups urge U.S. to drop solar trade case against India.  Full Article 

Oil Imports

Oil Imports

India to make May-July oil payments to Iran - sources.  Full Article 

Facebook Earnings

Facebook Earnings

Facebook Q1 revenue grows 72 percent on rising mobile ads.  Full Article 

DLF Shares

DLF Shares

DLF slides 3 percent, underperforms rivals.  Full Article 

Rice Exports

Rice Exports

India may cede top rice exporter spot under Southeast Asian price onslaught.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage