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Karo Pharma to acquire 10 products from Leo Pharma for €90M

Karo Pharma AB (publ) agreed to acquire anti-hemorrhoid and dermatology products from Danish pharmaceutical company LEO Pharma Inc. for €90 million.

The products to be acquired include four anti-hemorrhoid — Sheriproct, Doloproct, Neriproct and Ultraproct — and six dermatology products — Ultrabas, Ultralip, Ultraphil, Ultrasicc, Neribas and Ultralan.

The anti-hemorrhoid products contribute the majority of the acquired portfolio's net sales.

Karo Pharma said it intends to divest Neriproct, which is only marketed in the Japanese market, since it is outside the company's focus market.

While the estimated turnover of the acquired portfolio is €35 million for 2019, Karo Pharma expects an increase in the running costs of about 10 million Swedish kronor per year following the acquisition.

The transaction is subject to customary competition authority approvals and is expected to complete by the end of the first quarter of 2020. Karo pharma will finance the acquisition with new loans from SEB and Swedbank as well as from cash on hand.

Stockholm-based Karo Pharma develops and markets prescription pharmaceuticals, over-the-counter products, medical devices and other healthcare-related products for pharmacies.

As of Dec. 20, US$1 was equivalent to 9.42 Swedish kronor.