Allergan has entered into a definitive agreement to acquire Vitae Pharmaceuticals Inc. for $639 million, which was unanimously approved by the Boards of Directors of both companies.
Vitae, a development-stage biotechnology company, is based in Fort Washington Pennsylvania and does not currently have a product on the market.
This acquisition will add a number of dermatology products to Allergan’s dermatology product pipeline, including:
- VTP-43742 (an orally active RORγt [retinoic acid receptor-related orphan receptor gamma] inhibitor): a potential treatment for psoriasis and other autoimmune disorders, which recently completed a Phase 2 trial
- VTP-38543 (a topical LXRβ [Liver X Receptor beta] selective agonist): a potential treatment of atopic dermatitis, which is currently in a Phase 2a proof-of-concept clinical trial
“The acquisition of Vitae is a strategic investment for Allergan that adds strength and depth to our innovative medical dermatology franchise,” said Brent Saunders, CEO and President of Allergan.
“The Vitae team has been tremendously successful in discovering and conducting early development work in areas of medicine that can benefit from significant innovation,” said Jeff Hatfield, President and Chief Executive Officer of Vitae. “I believe our programs will be poised for successful development as part of Allergan’s portfolio.”
Allergan will acquire Vitae for $21 per share, which is more than double Vitae’s closing price of $8.10 on Tuesday (9/13).
Allergan is best known for its blockbuster wrinkle treatment, Botox, which is also approved to treat muscle spasms and bladder control.
For more information, view the press release.
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