Pharma BD Deal Intelligence
A $346M cash acquisition that gave Nycomed a bigger US specialty footprint in dermatology and gastroenterology. Bradley shareholders got a clean 25% premium exit at $20.00/share, and the deal closed on schedule within four months.
Nycomed agreed (announced 30 October 2007) to acquire Bradley Pharmaceuticals for $20.00 per share in cash, implying a fully diluted equity value of approximately $346M and a ~25% premium to Bradley's prior close. The deal strengthened Nycomed's US specialty business in dermatology and gastroenterology; it closed in February 2008.
$8.0B US Dermatology Rx Market (2007)
Bradley Pharmaceuticals was a specialty pharmaceutical company with the Doak Dermatologics division (dermatology/podiatry therapies) and Kenwood Therapeutics (GI, OBGYN, respiratory brands). Nycomed acquired Bradley for $346M in 2008, combining it with its PharmaDerm and Fougera divisions to create a US dermatology market leader.
The Nycomed-Bradley combination created $450M in annualized US dermatology sales. Nycomed was subsequently acquired by Takeda for $13.7B in 2011, meaning Bradley's dermatology assets ultimately became part of Takeda's portfolio, illustrating the multi-step consolidation common in specialty pharma.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Nycomed / Bradley Pharmaceuticals (this deal) | 2007 | $346M | 48 |
| Nycomed / Altana Pharma AG | 2006 | $5.7B | 59 |
| Nycomed / Altana Pharma AG | 2007 | $4.5B | 58 |
| Ciba-Geigy AG / Sandoz AG | 1996 | $36.3B | 98 |
| Sanofi SA / Regeneron Pharmaceuticals, Inc. | 2007 | $1.0B | 97 |
| AbbVie Inc. / Boehringer Ingelheim GmbH | 2016 | $2.2B | 95 |
| Amgen Inc. / Immunex Corporation | 2001 | $16.0B | 91 |
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More: 2007 deals · Nycomed deals · Dermatology deals