Danish pharmaceutical company Leo Pharma has announced in a press release that it has acquired its US-Australian rival Peplin in a DKK 1.5bn (USD 287.5m) cash deal. The transaction is subject to approval by Peplin's stockholders and other customary closing conditions.
Peplin, which is bourse-listed in Australia, has a candidate dermatological drug in Phase 3 clinical trials, which matches well with Leo Pharma's market profile. Gitte Aabo, president and CEO of Leo Pharma, says in the press release: "The agreement to acquire Peplin fits extremely well with our ambition of staying in the global lead within dermatology. We are truly impressed with the amount of work and dedication that the people at Peplin have tied into this project.”
The Peplin drug candidate currently in Phase 3 clinical trials is for actinic (solar) keratosis, a common pre-cancerous skin lesion, on both head and non-head locations. Peplin, which will continue to operate independently as a Leo Pharma subsidiary, plans to complete the clinical work by the end of this year.
Headquartered in Ballerup on the outskirts of Copenhagen, Leo Pharma specialises in the treatment of skin diseases and thrombosis. According to the company, 96% of its DKK 5.7bn (USD1.1bn) turnover (2008 figure) stems from outside Denmark. Leo Pharma is represented in more than 90 countries and has 3,000 employees of whom 1,200 work in Denmark.