Novartis buys dermatology group Fougera

Swiss pharma giant Novartis said Wednesday it is buying dermatology generics group Fougera for $1.525 billion, a move that would propel the group to market leader position on generic dermatology medicines, AFP reports.

Novartis said it would pay cash for the acquisition and that Fougera will be integrated into its generic pharmaceutical division.

"The combined businesses will become the number one global company in generic dermatology medicines, with estimated annual global sales of nearly $620 million, primarily in the US," said the Basel-based group.

Fougera posted sales reaching $429 million in 2011 and employs about 700 people.