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Nycomed Buying Bradley Pharma

Nycomed AS, a Danish drug company, has agreed to acquire Bradley Pharmaceuticals Inc. (NYSE: BDY) for $20 per share. The total equity purchase price would be $346 million, with a close expected by Q1 2008. Nordic Capital holds a 51% stake in Nycomed, with other shareholders including DLJ Merchant Banking Partners, Blackstone Group and AlpInvest.

Nycomed today announced the entry into a definitive agreement to acquire Bradley Pharmaceuticals, Inc. (NYSE:BDY), a company focused on niche therapeutic markets in the USA. The acquisition will add further branded dermatologics to the PharmaDerm division of Nycomed US and will provide an enhanced platform for in-licensing and co-promotion of dermatology products. The transaction is subject to the receipt of Bradley shareholder approval and approval by competition authorities. It is expected to close in the first quarter of 2008.

Both Nycomed US and Bradley have a distinct dermatology focus, are active in the branded as well as generic areas, and operate primarily in the United States. The acquisition provides Nycomed US with additional branded dermatologics to build on its PharmaDerm division and the opportunity to enhance its platform for acquisition, in-licensing and co-promotion. Nycomed plans to leverage its manufacturing and distribution capabilities to support the Bradley products line, improve customer service and optimise the cost structure. In addition, Nycomed will leverage the combined sales and marketing capabilities to enhance both the Bradley and Nycomed product lines.

The Board of Directors of Bradley has approved the merger agreement and has resolved to recommend that Bradley's shareholders adopt the agreement.