Allergan to Acquire Vitae Pharmaceuticals
Allergan will acquire Vitae pharmaceuticals for $639 million.
Allergan announced on Sept. 14, 2016 the acquisition of Vitae Pharmaceuticals, a clinical-stage biotechnology company. Allergan will acquire the company for $21.00 per share, in cash, for a total of $639 million. Allergan said in a press announcement they anticipate the transaction closing by the end of 2016.
Vitae Pharmaceuticals has several dermatological products in its pipeline including VTP-43742, a Phase II, orally active RORγt (retinoic acid receptor-related orphan receptor gamma) inhibitor for the potential treatment of psoriasis and other autoimmune disorders. Vitae also has VTP-38543, a topical LXRβ (Liver X Receptor beta) selective agonist for the potential treatment of atopic dermatitis. Vitae uses its Contour structure-based drug design platform to discover product candidates for validated therapeutic targets. In a note to investors, Umer Raffat of Evercore ISI notes Vitae also has a Phase I-ready BACE inhibitor for Alzheimer’s disease in its pipeline.
On Sept. 6, 2016, Allergan also announced the acquisition of RetroSense Therapeutics, a private, clinical-stage biotechnology company focused on using gene-therapy to restore vision in blind patients. Allergan paid $60 million upfront for the biotechnology company, with the potential for milestone payments.
Source: Allergan
