UPDATE 1-Organon to buy skin therapy developer Dermavant for up to $1.2 billion
Reuters · 1d ago
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Adds details on the deal in paragraphs 2-4
Sept 18 (Reuters) - Healthcare company Organon OGN.N said on Wednesday it has agreed to acquire skin therapy developer Dermavant, a unit of Roivant ROIV.O, for up to $1.2 billion.
Organon will make an upfront payment of $175 million, as well as milestone payments of $75 million and up to $950 million upon achievement of certain commercial milestones.
Dermavant's VTAMA psoriasis cream was approved by the U.S. Food and Drug Administration in May 2022. Psoriasis is a common chronic inflammatory skin disease.
The company expects to close the transaction in the fourth quarter of this year.
(Reporting by Sneha S K; Editing by Vijay Kishore)
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