THE DEAL: Novartis AG's Sandoz division said Wednesday that it will buy dermatology product maker Fougera Pharmaceuticals for $1.53 billion in cash.
THE BIG GET BIGGER: Sandoz is the second-largest generic drug maker in the world. It said the deal will make it the largest maker of generic dermatology products in the U.S. and worldwide. It said Fougera had about $429 million in revenue in 2011. Sandoz had sales of about $10.7 billion.
HOME BASE: Novartis is based in Basel, Switzerland. Fougera is owned by a group of private equity firms and is headquartered in Melville, N.Y.