Allergan agrees to acquire Vitae Pharmaceuticals

Allergen plc announced last week that it has reached an agreement to acquire Vitae Pharmaceuticals Inc. for $21 per share in cash.

The total dollar amount of the transaction is approximately $639 million.

"The acquisition of Vitae is a strategic investment for Allergan that adds strength and depth to our innovative medical dermatology franchise," Allergen President and CEO Brent Saunders said. "Vitae has pioneered the discovery and development of highly differentiated first-in-class compounds in atopic dermatitis, psoriasis and autoimmune diseases, areas of medicine where innovation is needed for patients."

The boards of directors of both companies unanimously approved the deal.

"The Vitae team has been tremendously successful in discovering and conducting early development work in areas of medicine that can benefit from significant innovation," Vitae President and CEO Jeff Hatfield said. "Allergan has a long track record in developing and commercializing innovative dermatologic treatments. I believe our programs will be poised for successful development as part of Allergan's portfolio. I am very proud of the tremendous contributions of our research teams and the clinical community who have led the discovery and development of our pipeline programs, and I thank them for their dedication to this science that may one day help many patients with dermatologic conditions, autoimmune disorders and potentially other conditions."