Actavis to divest Doryx brand to Mayne Pharma for $50 million
Ireland-headquartered generics major Actavis (NYSE: ACT) has entered an agreement with Australia-headquartered Mayne Pharma (MYX: ASE) to divest the US rights to the Doryx (doxycycline) brand acne treatment and related assets.
The deal is valued at approximately $50 million and is expected to close before the end of February. Actavis will continue to package, distribute and promote Doryx for a transition period until May 2. Mayne said it expects the product to contribute an average $2.7 million a month from July in earnings before interest, tax, depreciation and amortization.
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