Allergan has announced it will acquire SkinMedica, according to a news release.
Under the terms of the agreement, Allergan will pay SkinMedica $350 million up-front (subject to certain adjustments) and an additional $25 million contingent upon the acquired products achieving a specific level of net sales. SkinMedica's line of aesthetic skin care products includes the TNS Essential Serum, TNS Recovery Complex and its prescription product VANIQA (eflornithine hydrochloride) Cream 13.9%.
"Allergan is widely recognized for our leadership in the facial aesthetics area," said David E.I. Pyott, chairman of the board, president and CEO of Allergan, in the release. "The acquisition of SkinMedica will nicely complement our existing facial aesthetics business, which includes products such as BOTOX cosmetic, JUVEDERM and LATISSE, and will enable us to take a leadership position in the growing 'physician dispensed' topical aesthetics skin care category. Most importantly, the acquisition will allow us to expand our product portfolio to better meet the needs of our existing base of physician customers and their patients."
Following the acquisition, which is expected to close later this year, Allergan plans to operate SkinMedica as a separate business.
The acquisition does not include the SkinMedica Colorescience aesthetic make-up line.
Allergan is headquartered in Irvine, Calif.
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