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ARTICLE | Company News

Allergan to acquire Map Pharmaceuticals

January 24, 2013 2:25 AM UTC

Allergan Inc. (NYSE:AGN) will acquire Map Pharmaceuticals Inc. (NASDAQ:MAPP) for $25 per share in cash, which the companies said values Map at $958 million on a fully-diluted basis. The price is a 60% premium to Map's close of $15.58 on Tuesday, before the deal was announced. The boards of both companies unanimously approved the deal, which is slated to close late this quarter or early next quarter. Goldman Sachs is advising Allergan, and Centerview Partners is advising Map.

Allergan will gain Map's Levadex dihydroergotamine, which is under FDA review for the acute treatment of migraines in adults, with an April 15 PDUFA date. Allergan has U.S. co-promotional rights to the dihydroergotamine (DHE) mesylate compound that agonizes the serotonin (5-HT) receptor and is delivered via Map's Tempo Inhaler. Allergan said Levadex will complement the biotech's Botox onabotulinumtoxinA, a vacuum-dried purified botulinum toxin type A that is approved in 56 countries for chronic migraine. ...