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RoundTable Healthcare nets $402m from Aqua Pharmaceutical exit

18 Dec 2013

skin5_lrgOperations-focused private equity firm RoundTable Healthcare Partners has agreed to sell Aqua Pharmaceuticals to global pharma business Almirall for up to $402m.

The deal for Aqua, which focuses on developing and marketing prescription products to treat skin conditions, includes $327.6m in cash and up to $75m of future contingent payments.

RoundTable picked up a majority stake in Pennsylvania, US-based Aqua in June 2010.

The deal marks the third portfolio realisation for RoundTable’s $500m equity Fund II, which closed in March 2005.

RoundTable founding partner Jack McGinley said,“The Aqua management team, led by co-founder and CEO Craig Ballaron, has created an industry-leading specialty dermatology pharmaceutical company, achieving exceptional growth through its strong sales organization and strategic product acquisitions while making significant R&D investments.

“We believe that Almirall will be a strong strategic partner for Aqua, its employees and customers going forward.”

The closing is conditional on regulatory approval and other customary closing conditions.

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