Allergan has signed a definitive agreement to divest five products under its US Medical Dermatology division to Spanish pharmaceutical company Almirall for a cash consideration of $550m.

The products include both mature and growth brands, Aczone (dapsone), Tazorac (tazarotene), Azelex (azelaic acid) and Cordran Tape (fludroxycortide).

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Together, the four products registered net sales of $70m during the first half of this year.

In addition, Almirall is purchasing a new chemical entity (NCE) called Seysara (sarecycline), which is expected to get the US Food and Drug Administration (FDA) approval in the fourth quarter of this year.

Seysara is an oral, tetracycline-derived antibiotic that is said to possess anti-inflammatory properties. It is being developed to treat moderate-to-severe acne vulgaris in patients aged nine years and above.

“This is a transformational deal for Almirall. It is perfectly complementary to our existing platform and will be immediately accretive to our earnings.”

Almirall expects the deal to consolidate and bolster its position in the US market, while expanding its dermatology range. The transaction is anticipated to offer medium-to-long term growth opportunities.

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The company estimates Seysara will generate $150m to $200m during its peak sales.

Commenting on the deal, Almirall CEO Peter Guenter said: “This is a transformational deal for Almirall. It is perfectly complementary to our existing platform and will be immediately accretive to our earnings. It offers us medium-to-long term top and bottom line growth opportunities.

“Moreover, it will allow for an expanded platform to launch KX2-391, which has the potential to become a new standard of care in actinic keratosis.”

Almirall added that the transaction will further strengthen its research and development and in-licensing engine, thereby facilitating investments that will boost innovation and competitiveness in the future.

Subject to regulatory clearances, the acquisition is expected to be completed in the fourth quarter of this year.