Cipher Pharmaceuticals has acquired INNOCUTIS, a privately held specialty dermatology company, for $45.5 million in cash. The agreement also includes additional INNOCUTIS management incentive payments of up to $3 million in cash over a three-year period based on the achievement of certain financial performance targets.
“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 CEO of Cipher. “INNOCUTIS provides us with commercial infrastructure, revenue-generating branded prescription products, and a talented team, including a 31-person salesforce that shares our customer-focused philosophy. We see excellent opportunity to drive increased sales and profitability by growing their current branded prescription products, led by Sitavig, and adding new products to the portfolio, including our recently acquired Pruridexin and Dermadexin.”
