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Almirall purchasing
German Hermal for €376 million
On 16th
July 2007, Barcelona-based Almirall announced that it had
agreed to acquire Hermal from Reckitt Benckiser for £255 million
(€376.4 million).
Hermal specializes
in dermatological treatments, such as for acne, psoriasis
and eczema. The company recorded sales of €101.7 million in
2006 and has a commercial presence in 14 European countries,
with Germany accounting for 60 percent of its revenues.
Almirall and Reckitt
Benckiser also signed a three-year production agreement. Almirall
has stated that it expects to complete the deal by August,
pending authorization from the German authorities.
The acquisition reinforces Almirall's pan-European
position and establishes the company as a leading player in
the European dermatology market.
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Prior to the deal, Almirall selected Bridgehead
Consulting to undertake an independent commercial due diligence
on key elements of Hermal's business.
This required a critical
analysis of Hermal's key products and included:
- Business segmentation by market
and user/prescriber
- Current medical practice
- Market size and dynamic
- Current sales vs. historical and forecasts
- Current commercial infrastructure and
marketing spend vs. historical and forecasts
- Sensitivity to commercial support
- Competitive environment
- Commercial treats
- Potential synergies
- Other key threats and opportunities
and potential impact on sales forecasts.
The project was completed to a very tight
deadline in order to allow the Almirall management team to
review Bridgehead's findings prior to finalising their own
view on this important opportunity.
Commenting on Bridgehead's work Stephen
Lewington, Snr. Director Global Marketing & Medical Affairs
noted:
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"We were extremely pleased with
Bridgehead´s speed and flexibility in meeting our requirements
for the commercial analysis of this important strategic transaction"
Bridgehead International is a leading biopharmaceutical
consultancy group, offering a range of services designed to
assist clients in achieving extraordinary growth across the
product and technology value chain, through three divisions:
- Bridgehead Consulting
- Pharmalicensing
- Healthcare Education Services.
Bridgehead Consulting has two principal
practice areas:
- Technical, commercial evaluation and decision support
- Market access solutions, including market assessments and development of pricing and reimbursement strategies.
With over 50 consultants and associates
in Europe, North America and Asia, Bridgehead Consulting
provides a powerful combination of strategic, scientific,
medical, technical, commercial, economic, decision support,
modelling and intellectual property skills and experience.
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