RoundTable Healthcare Partners, an operating-oriented private equity firm focused exclusively on the healthcare industry, has entered into a definitive agreement to sell Aqua Pharmaceuticals Holdings to Almirall S.A. for up to $402.6 million in cash. Aqua is a specialty pharmaceutical company focused on acquiring, developing and marketing branded, prescription dermatology products, including Monodox (doxycycline monohydrate) capsules; Cordran topical corticosteroid lotion and cream; Fluoroplex (fluorouracil) cream; Xolegel (ketoconazole) Gel; and Verdeso (desonide) Foam. The consideration includes $327.6 million of cash at closing plus up to $75 million of contingent payments. Almirall, headquartered in Barcelona, Spain, is a global pharmaceutical company committed to providing innovative products focused on the treatment of respiratory, dermatological, gastrointestinal and pain diseases. The closing is conditional on regulatory approval and other customary closing conditions.
"The Aqua management team, led by co-founder and CEO Craig Ballaron, has created an industry-leading specialty dermatology pharmaceutical company, achieving exceptional growth through its strong sales organization and strategic product acquisitions while making significant R&D investments," said Jack L. McGinley, Founding Partner of RoundTable and chairman of Aqua. "We believe that Almirall will be a strong strategic partner for Aqua, its employees and customers going forward."