Astellas Pharma Inc. has agreed to sell its global dermatology business to LEO Pharma A/S, a Danish pharmaceutical company, for EUR 675 million ($718 million).

Under the terms of the agreement, the assets and associated responsibilities relating to Astellas' global portfolio of dermatology products, including Protopic (except for Protopic in Japan), treatment for atopic dermatitis, and other products for the treatments of acne and skin infections, predominantly sold in the Europe, Middle East, and Africa region, will be transferred to LEO Pharma.

LEO Pharma is headquartered in Denmark and employs around 4,800 people worldwide.

The closing of this transaction is anticipated in the first quarter of 2016.

Source: Astellas