HERTFORDSHIRE, England and
PITTSBURGH, June 15, 2016 /PRNewswire/ -- Mylan N.V. (NASDAQ,
TASE: MYL) today announced that it has successfully completed the
acquisition of the non-sterile, topicals-focused specialty and
generics business (the "Business") of Renaissance Acquisition
Holdings, LLC ("Renaissance").
The Business brings Mylan an attractive and complementary
portfolio and pipeline of branded and generic topical products, an
established U.S. sales and marketing infrastructure targeting
dermatologists, and a high quality, integrated manufacturing and
development platform, including a leading topicals-focused contract
development and manufacturing organization.
Mylan CEO Heather Bresch
commented, "By bringing together the Renaissance topicals business
with Mylan's existing assets and the pending addition of Meda and
its dermatology portfolio, we will become a leader in this very
attractive category. We see significant opportunities in this area
as we maximize our combined assets across our customer channels and
geographies, and expect dermatology/topicals to be another key
global franchise for us. We are excited to welcome the Business's
more than 1,200 dedicated employees to the Mylan family and look
forward to their contributions to our mission of providing high
quality medicine to 7 billion people and creating better health for
a better world."
Mylan President Rajiv Malik
added, "With this transaction, we continue to strengthen, expand
and diversify our portfolio, pipeline and manufacturing and supply
chain infrastructure, adding exciting new capabilities and
commercial opportunities to our unmatched global platform. We are
confident that we will be able to drive significant growth from
this Business by taking their portfolio and pipeline, in
combination with the Mylan and Meda assets, into new markets
outside of North America. We also
look forward to continuing to provide the Business's valued
customers with high quality products and services they expect."
The transaction is expected to be immediately accretive to
Mylan's adjusted diluted earnings per share.
Cravath, Swaine & Moore LLP served as legal advisor in this
transaction.
This press release references the non-GAAP financial measure
"adjusted diluted earnings per share." On a U.S. GAAP basis, the
transaction is expected to be neutral to diluted earnings per share
in year one following closing and accretive thereafter. To
calculate adjusted diluted earnings per share, Mylan starts with
U.S. GAAP diluted earnings per share and adjusts for various items,
including acquisition related amortization; litigation settlements,
net; non-cash accretion of contingent consideration liability;
certain R&D milestone payments; clean energy investments
pre-tax losses; acquisition related costs; restructuring and other
special items; and the tax effect of these items. Non-GAAP
financial measures should be considered only as a supplement to,
and not as a substitute for or as a superior measure to, financial
measures prepared in accordance with U.S. GAAP.
This press release includes statements that constitute
"forward-looking statements" which are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements in the press release may be
identified by the use of words such as "will", "expect",
"opportunity", "potential," "continue" and variations of these
words or comparable words and include statements about Mylan
becoming a leader in the very attractive category of non-sterile
topicals, the proposed acquisition of Meda AB (publ.) ("Meda") and
its dermatology portfolio; the significant growth potential in the
dermatology area; that Mylan expects dermatology/topicals to be
another key global franchise; that Mylan continues to strengthen,
expand and diversify its portfolio, pipeline and manufacturing
platform, adding exciting new capabilities and commercial
opportunities to its unmatched global platform; that Mylan will be
able to drive significant value from the Business and continue to
provide the Business's customers with high quality products and
services; that the transaction is expected to be immediately
accretive to Mylan's adjusted diluted earnings per share and
dilutive to U.S. GAAP diluted earnings per share; and other
statements regarding Mylan's, the Business's or the combined
company's future operations, growth potential, market opportunities
and anticipated results. Because such statements inherently involve
risks and uncertainties, actual future results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to: any changes in or
difficulties with Mylan's ability to develop, manufacture, and
commercialize topical products, including any difficulties
retaining the Business's employees and customers or pertaining to
the Business's contract development and manufacturing
organization; any regulatory, legal or other impediments to Mylan's
ability to bring topical products to market; the effect of any
changes in Mylan's customer and supplier relationships and customer
purchasing patterns; other changes in third-party relationships;
actions and decisions of healthcare and pharmaceutical regulators,
and changes in healthcare and pharmaceutical laws and regulations,
in the United States and abroad;
and the other risks detailed in Mylan's periodic reports filed with
the Securities and Exchange Commission. Mylan undertakes no
obligation to update these statements for revisions or changes
after the date of this release.
Mylan is a global pharmaceutical company committed to setting
new standards in healthcare. Working together around the world to
provide 7 billion people access to high quality medicine, we
innovate to satisfy unmet needs; make reliability and service
excellence a habit; do what's right, not what's easy; and impact
the future through passionate global leadership. We offer a growing
portfolio of more than 1,400 generic and branded pharmaceuticals,
including antiretroviral therapies on which approximately 50% of
people being treated for HIV/AIDS in the developing world depend.
We market our products in approximately 165 countries and
territories. Our global R&D and manufacturing platform includes
more than 50 facilities, and we are one of the world's largest
producers of active pharmaceutical ingredients. Every member of our
more than 35,000-strong workforce is dedicated to creating better
health for a better world, one person at a time. Learn more at
mylan.com.
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SOURCE Mylan N.V.