LEO Pharma has entered into an agreement to buy Bayer’s global prescription dermatology unit, including topical steroids and the company’s treatments for acne, fungal and skin infections, and rosacea.
About 450 people will join LEO Pharma worldwide, the company said. Financial details were not disclosed.
According to LEO, the transaction will allow the Madison-based pharmaceutical company to double sales in some markets. As part of the deal, it will acquire global product rights except in Afghanistan and Pakistan.
The acquisition does not include Bayer’s over-the-counter dermatology portfolio.
The transaction is expected to close late this year for the United States and during the second half of 2019 for other markets, subject to customary closing conditions and approval by competition authorities.