Ipsen today announced that it has entered into a definitive agreement to acquire from Sanofi five consumer healthcare products in certain European territories.
The most significant product is Prontalgine®, an analgesic for the treatment of moderate to severe pain, which has grown at double digit rates over the last four years and is available only in France. The portfolio also includes Buscopan®2, an antispasmodic; Suppositoria Glycerini3, a laxative; and Mucothiol® and Mucodyne®4, expectorants for cough and flu. Combined, these regional brands span a geographic scope of eight European countries. Manufacturing will be provided by third parties.
David Meek, CEO of Ipsen, commented: “This tactical bolt-on transaction resulting from the European Commission’s requirement to divest certain assets from the Sanofi / Boehringer Ingelheim consumer healthcare deal strengthens our consumer healthcare portfolio in France with the addition of Prontalgine®. The opportunity immediately improves the profitability profile of Ipsen’s Primary Care business. It adds a limited portfolio of well-established and market leading brands in a key market such as France.”
Jean Fabre, Executive Vice President, Primary Care, Ipsen added: “With these new assets, the Primary Care business expands its OTx portfolio and enhances its value proposition to consumers. The products are fully synergistic with our existing infrastructure, and the key asset Prontalgine®, a well-established and growing market player for pain management in France with mid-30 percent market share, will help us achieve a critical mass at the pharmacy level, accelerating the development of our consumer healthcare business.”
Under the terms of the agreement, Ipsen will pay €83 million cash upon closing for the products. The transaction, which is subject to customary closing conditions, including the European Commission’s approval, is expected to close in the second quarter of 2017. The transaction will be fully financed by Ipsen’s existing cash and lines of credit.
1 OTx: Combination of prescription and over-the-counter
2 Sold in the Czech Republic, Estonia, Hungary, Latvia, Poland and Slovakia
3 Sold in the Czech Republic
4 Sold in Greece and the Republic of Ireland, respectively