Renaissance Acquisition Holdings, LLC, a portfolio company of private equity firm RoundTable Healthcare Partners, has entered into a definitive agreement to sell its topical pharmaceutical business to Mylan for $950 million in cash, plus additional contingent payments of as much as $50 million.

The Topical Division is a specialty pharmaceutical business focused on the manufacture, development, sales and marketing of branded and generic topical pharmaceutical products. RoundTable started Renaissance in 2010 when it acquired two contract manufacturing and development organizations, Confab Laboratories, based in Montreal, and DPT Laboratories, based in San Antonio, TX.  Renaissance, through significant investments in senior leadership, product acquisitions, R&D, capital expenditures, and the development of a pipeline of more than two dozen topical ANDAs and NDAs, has developed into one of the largest, privately-held, specialty pharmaceutical companies in the topicals/dermatology market in North America.

“On behalf of RoundTable, I would like to thank the outstanding management team and dedicated employees of Renaissance for creating a leading specialty pharmaceutical company,” said Pierre Frechette, senior operating partner at RoundTable and the chairman of the board of Renaissance. “We believe Mylan is an excellent strategic partner for this business, its employees and customers going forward.”

As part of this transaction, Renaissance will continue to own and operate its sterile-focused specialty pharmaceutical business with development and manufacturing facilities in Lakewood, NJ.