Almirall, an international pharmaceutical company based in Spain, has acquired Aqua Pharmaceuticals, a privately-held, U.S.-based prescription dermatology company with a portfolio of prescription brands in acne, steroid-responsive dermatoses, seborrheic dermatitis, actinic keratosis and atopic dermatitis.
Almirall will acquire Aqua for $305 million up front, plus an additional upfront payment of $22.6 million related to amortization of certain long-term tax assets and additional potential payments of up to $75 million for milestones during 2014 and 2015.
Almirall is not assuming any of Aqua’s outstanding debt. The acquisition will be funded with debt. Aqua was majority-owned by RoundTable Healthcare, a U.S.-based healthcare-focused private equity firm.