Almirall to refinance US medical dermatology acquisition

02 Jan 2019

In September, Spanish pharmaceutical company Almirall acquired Allergan’s US medical dermatology unit portfolio by using a €400 million bridge loan. It acquired brands Aczone (dapsone), Tazorac (tazarotene), Azelex (azelaic acid) and Cordran Tape (fludroxycortide).

In December, the company announced its debt refinancing through the launch of €250 million senior unsecured conditionally convertible bonds led by JP Morgan and a €150 million senior unsecured Club Bank Deal led by BBVA.

Almirall has stated that following the close of this transaction, they estimate the financing costs would be around 1.3% per annum, an improvement of the company’s cost of capital.

David Nieto, executive vice president and chief financial officer of Almirall said, “Almirall is securing very favourable refinancing conditions for its us acquisition, which reflects the underlying strength of the company as well as the market confidence in Almirall’s ability to generate strong operating cash flow. This enables us to establish beneficial terms and to free up funding to support the launches of our psoriasis franchise in Europe and of our acne franchise in the US.”  

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