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Allergan acquiring Vitae

September 14, 2016 7:00 AM UTC

Allergan plc (NYSE:AGN) is acquiring Vitae Pharmaceuticals Inc. (NASDAQ:VTAE) for $21 per share in cash, or about $639 million. The price is a 159% premium to Vitae's close of $8.10 on Tuesday, before the deal was announced.

Allergan will gain Vitae's lead program, psoriasis candidate VTP-43742. The RAR-related orphan receptor C thymus-specific isoform ( RORgamma2; RORgammaT) inhibitor has completed a Phase IIa study. Vitae said in an August SEC filing that it expected to start a larger, longer Phase II study this year, with data due in 2H17. Allergan did not respond to an inquiry about the trial. ...