Novartis to Buy Fougera Pharmaceuticals for $1.5 Billion
Novartis International has agreed to buy Fougera Pharmaceuticals, a maker of generic skin care medicine, for $1.525 billion in cash, reported by The New York Times. Under the terms of the deal, Fougera will be folded into Sandoz, the generics division of Novartis. The acquisition would give Novartis a leading position in generic treatments for ailments like acne, eczema and rosacea. The combined business will have an estimated $620 million in annual global sales, mostly in the United States. Fougera, which is based in Melville, N.Y., reported $429 million in sales and $173 million in earnings before interest, taxes, depreciation and amortization last year. The deal is expected to close in the second half of the year.