Irish pharma firm Allergan is buying psoriasis and autoimmune treatment developer Vitae Pharmaceuticals for $639m (£484m) in cash as it hopes to expand its dermatology division – best known for its Botox treatment.
Brent Saunders chief executive and president of Allergan said:
The acquisition of Vitae is a strategic investment for Allergan that adds strength and depth to our innovative medical dermatology franchise.
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.
Allergan is paying $21 per share, with Vitae shares trading around $8 before the deal was announced.