Allergan snaps up Vitae Pharma for $639 million
Allergan has agreed to buy clinical-stage biotech Vitae Pharmaceuticals for $639 million, or $21 a share – more than double its market value.
The company hopes to bolster its skin-care pipeline with the acquisition, as it takes control of a range of products to treat atopic dermatitis, eczema, and most critically psoriasis, a $49 billion market.
“The acquisition of Vitae is a strategic investment for Allergan that adds strength and depth to our innovative medical dermatology franchise,” commented Allergan chief executive Brent Saunders.
David Nicholson, Allergan’s chief research and development officer, added: “Vitae’s novel Contour drug discovery platform and its team, which have been instrumental in the discovery of novel ‘difficult to drug’ compounds, will be highly complementary to Allergan’s existing R&D discovery efforts in key therapeutic areas.”
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