Lake Forest, Ill.-based RoundTable Healthcare Partners sold its topical pharmaceutical business Wednesday for $950 million in cash and up to $50 million in contingent payments to Canonsburg, Pa.-based pharmaceutical company Mylan N.V.
Created in 2010, RoundTable's pharmaceutical business, the Topical Division of Renaissance Acquisition Holdings, develops, sells and markets generic topical pharmaceutical products. Renaissance acts as a pipeline for some two dozen abbreviated new drug applications and new drug applications, and is one of the largest private manufacturers in the U.S. dermatology market.
The transaction will allow Renaissance to continue to own and operate its specialty pharmaceutical business located in Lakewood, N.J.
"This transaction marks the first portfolio company sale from RoundTable's $600 million Fund III, generating a return of more than five times invested equity capital for our investors," RoundTable Founding Partner Lester B. Knight said.