LEO Pharma to Acquire Global Dermatology Portfolio from Astellas

Denmark's LEO Pharma and Japanese pharmaceutical company Astellas Pharma have entered into an Asset Purchase Agreement under which Astellas will transfer its global dermatology business to LEO Pharma for €675 million ($724 million), PR Newswire reports.

Under the terms of the agreement, the assets and associated responsibilities relating to Astellas' global portfolio of dermatology products - which include Protopic treatment for eczema and other products for the treatment of acne and skin infection - will be transferred to LEO Pharma (except for Protopic in Japan).

The transaction will be the largest in LEO Pharma's more than 100-year history in terms of incremental turnover. The company's annual turnover is estimated to increase by more than 20% once the portfolio is fully transferred. With the agreement, LEO Pharma reports that it creates a strong foothold in markets such as China and Russia and adds critical scale in many other markets.