BioCentury
ARTICLE | Company News

Allergan acquires Kythera for $2.1 billion

June 18, 2015 12:56 AM UTC

Allergan plc (NYSE:AGN) will acquire Kythera Biopharmaceuticals Inc. (NASDAQ:KYTH) for $75 per share, or about $2.1 billion in cash and stock. The price represents a 24% premium over Tuesday's closing price of $60.72. The deal is subject to the approval of Kythera's shareholders; the parties expect it to close next quarter.

The deal gives Allergan Kybella deoxycholic acid, a synthetic sodium deoxycholate approved by FDA in April to reduce submental (under chin) fat. Kythera said last month it planned to begin physician training in July in advance of the drug's launch. Kythera has also submitted Kybella for review in Canada, Switzerland and Australia. ...