Following the announcement that its parent company is to be acquired by Takeda Pharmaceutical Co, dermatology specialist Nycomed US is confident of growth as a stand-alone company.
Takeda has agreed to buy Nycomed for 9.6 billion euros, but the US unit is not included in the deal. The soon-to-be former majority shareholders of the privately-owned Swiss group - Nordic Capital, Credit Suisse and Avista Capital Partners - are keeping hold of the 160-year-old company which is the number one manufacturer and marketer of prescription topical dermatological products in the USA.
The management and day-to-day operations of the Melville, New York-based group will remain unchanged, led by chief executive Steve Andrzejewski. He said the transaction will "enable us to continue to invest and grow as a stand-alone specialty company, and to work directly with our investors to capitalise on the many opportunities available in the dermatology market today".
Mr Andrzejewski said that although Nycomed US made a significant contribution to the parent, "our product portfolio was outside Nycomed's stated strategy and our investors believe we have a highly promising future under this separate ownership structure". The group has revenues of around $500 million and over 700 employees.
Reaction to Takeda/Nycomed deal
Meantime, reaction to Takeda's move has been less than positive. The Japanese company believes that the deal will enhance its operations in Europe and the emerging markets, where Nycomed has created a successful business but many observers believe it has paid over the odds.
Michael Obuchowski, chief investment officer at First Empire Asset Management, told Bloomberg that “it’s a traditional knee-jerk reaction of a large pharmaceutical company without much growth to acquire somebody. You always have to question whether it’s really worth it.”
Other analysts fear that the contribution of Nycomed products will not be enough to offset the decline in revenues that will be lost when Takeda's diabetes blockbuster Actos (pioglitazone) goes off-patent in the USA next year.