Canada-based Cipher Pharma announced Monday that it has acquired INNOCUTIS Holdings LLC , a privately held specialty dermatology company in Charleston, for US$45.5 million in cash.
“This acquisition marks our commercial entry to the U.S. market and represents an important step toward our goal of creating a leading North American dermatology business,” said Shawn O’Brien, President and Chief Executive Officer of Cipher.
Obrien cited the Charleston company’s commercial footprint in dermatology and its 31-person salesforce as a key element in the deal. “We see excellent opportunity to drive increased sales and profitability by growing their current branded prescription products,” he said. Innocutis is the U.S. license holder for Sitavig®, a prescription drug for herpes labialis.
“Today’s transaction marks the start of a new chapter as part of the Cipher organization, as well as the opportunity to participate in the significant upside potential of the combined company,” said Joe Pecora, President and CEO of INNOCUTIS. “We are combining with a partner that is ideally suited to realize the full potential inherent in Sitavig.”
Pecora will continue to run the U. S. operation.
Mr. O’Brien added, “With five transactions since the start of 2015, we are executing on our growth strategy and continue to be highly active on the business development front.” Cipher is headquartered in Mississauga, Ontario.
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