Deal Library / Pharma BD Deal Intelligence

Dermatology Deals

The Pharma Closeout tracks 51 deals, $180.8B in disclosed deal value, 40 with a post-close Outcome Score for Dermatology.

Median Critic Score: 80  ·  Median Outcome Score: 49

Best outcome: Ciba-Geigy AG / Sandoz AG (98)  ·  Weakest outcome: Novartis AG / Ziarco Group Limited (12)

All 51 deals

• Ciba-Geigy AG / Sandoz AG — 1996 · $36.3B · Worked — the deal delivered on its rationale.
• Sanofi SA / Regeneron Pharmaceuticals, Inc. — 2007 · $1.0B · Worked — the deal delivered on its rationale.
• AbbVie Inc. / Boehringer Ingelheim GmbH — 2016 · $2.2B · Worked — the deal delivered on its rationale.
• Amgen Inc. / Immunex Corporation — 2001 · $16.0B · Worked — the deal delivered on its rationale.
• Takeda Pharmaceutical Company Ltd. / Nimbus Lakshmi — 2022 · $6.0B · Worked — the deal delivered on its rationale.
• LEO Pharma A/S / AstraZeneca plc — 2016 · $1.1B · Worked — the deal delivered on its rationale.
• Bayer AG / Schering AG — 2006 · $21.5B · Worked — the deal delivered on its rationale.
• Merck & Co. Inc. / Prometheus Biosciences Inc. — 2023 · $10.8B · Worked — the deal delivered on its rationale.
• Chiesi Farmaceutici S.p.A. / Amryt Pharma plc — 2023 · $1.5B · Largely worked — most objectives met.
• Fosun Wanbang Pharma Group / Shanghai Junshi Biosciences Co., Ltd. — 2026 · $187M · Largely worked — most objectives met.
• Eli Lilly and Company / Incyte Corporation — 2009 · $755M · Largely worked — most objectives met.
• Amgen Inc. / Otezla (from Celgene/BMS) — 2019 · $13.4B · Largely worked — most objectives met.
• Johnson & Johnson / Proteologix Inc. — 2024 · $850M · Largely worked — most objectives met.
• GSK plc / Stiefel Laboratories — 2009 · $3.6B · Largely worked — most objectives met.
• Actavis Inc. / Warner Chilcott plc — 2013 · $8.5B · Largely worked — most objectives met.
• Valeant Pharmaceuticals International, Inc. / iNova Pharmaceuticals — 2011 · $700M · Largely worked — most objectives met.
• Roche Holding AG / Syntex Corporation — 1994 · $5.3B · Mixed — partial payoff, real shortfalls.
• Allergan, Inc. / SkinMedica, Inc. — 2012 · $375M · Mixed — partial payoff, real shortfalls.
• Sanofi SA / Kymab Ltd — 2021 · $1.4B · Mixed — partial payoff, real shortfalls.
• Eli Lilly and Company / DICE Therapeutics Inc. — 2023 · $2.4B · Mixed — partial payoff, real shortfalls.
• Sun Pharmaceutical Industries Ltd. / DUSA Pharmaceuticals, Inc. — 2012 · $230M · Mixed — partial payoff, real shortfalls.
• Lupin Limited / Gavis Pharmaceuticals LLC and Novel Laboratories, Inc. — 2015 · $880M · Mixed — partial payoff, real shortfalls.
• Nycomed / Bradley Pharmaceuticals — 2007 · $346M · Mixed — partial payoff, real shortfalls.
• Johnson & Johnson / Neutrogena — 1994 · $924M · Mixed — partial payoff, real shortfalls.
• Endo International plc / Auxilium Pharmaceuticals, Inc. — 2014 · $2.6B · Mixed — partial payoff, real shortfalls.
• Pfizer Inc. / Anacor Pharmaceuticals — 2016 · $5.2B · Underwhelmed — fell short of the thesis.
• Mylan N.V. / Renaissance Acquisition Holdings, LLC (topicals business) — 2016 · $1.0B · Underwhelmed — fell short of the thesis.
• Stiefel Laboratories, Inc. / Barrier Therapeutics, Inc. — 2008 · $148M · Underwhelmed — fell short of the thesis.
• Pharmacia Corporation / The Upjohn Company — 1995 · $13.0B · Underwhelmed — fell short of the thesis.
• Valeant Pharmaceuticals International, Inc. / Dermik Laboratories (Sanofi dermatology unit) — 2011 · $425M · Underwhelmed — fell short of the thesis.
• Novartis AG / Fougera Pharmaceuticals Inc. — 2012 · $1.5B · Underwhelmed — fell short of the thesis.
• Valeant Pharmaceuticals International, Inc. / Medicis Pharmaceutical Corporation — 2012 · $2.6B · Underwhelmed — fell short of the thesis.
• Valeant Pharmaceuticals International, Inc. / PreCision Dermatology, Inc. — 2014 · $475M · Did not work — the deal failed to deliver.
• Allergan plc / Anterios, Inc. — 2016 · $90M · Did not work — the deal failed to deliver.
• Pfizer Inc. / Excaliard Pharmaceuticals, Inc. — 2011 · Did not work — the deal failed to deliver.
• Allergan plc / Topokine Therapeutics, Inc. — 2016 · $85M · Did not work — the deal failed to deliver.
• Akorn, Inc. / VPI Holdings Corp. (VersaPharm Incorporated) — 2014 · $440M · Did not work — the deal failed to deliver.
• Allergan plc / Vitae Pharmaceuticals, Inc. — 2016 · $639M · Did not work — the deal failed to deliver.
• Hologic, Inc. / Cynosure, Inc. — 2017 · $1.6B · Did not work — the deal failed to deliver.
• Novartis AG / Ziarco Group Limited — 2016 · $420M · Did not work — the deal failed to deliver.
• LEO Pharma A/S / Replay Holdings LLC — 2026 · $50M
• Otsuka Pharmaceutical Co., Ltd. / Cantargia AB — 2025 · $613M
• Sun Pharmaceutical Industries Ltd. / Checkpoint Therapeutics, Inc. — 2025 · $355M
• Organon & Co. / Dermavant Sciences Ltd. — 2024 · $1.2B
• Johnson & Johnson / Numab Therapeutics AG (Yellow Jersey Therapeutics) — 2024 · $1.2B
• Incyte Corporation / Escient Pharmaceuticals Inc. — 2024 · $750M
• Takeda Pharmaceutical Company Ltd. / Nimbus Therapeutics (Lakshmi subsidiary, TYK2 program) — 2022 · $6.0B
• Sanofi SA / Origimm Biotechnology GmbH — 2021 · $170M
• Sanofi SA / Kymera Therapeutics, Inc. — 2020 · $2.1B
• Eli Lilly and Company / Dermira Inc. — 2020 · $1.1B
• AbbVie Inc. / Boehringer Ingelheim GmbH (Risankizumab buyout) — 2019 · $595M

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