NEW YORK (AP) — Allergan will buy Vitae Pharmaceuticals Inc. for $639 million, adding potential dermatology products to its development pipeline.
Ireland-based Allergan is best known for Botox, a blockbuster wrinkle treatment. The drug is also approved to treat muscle spasms and bladder control.
Fort Washington, Pennsylvania-based Vitae is a development-stage biotechnology company and does not have a product on the market. Its most advanced candidate is a potential psoriasis treatment in midstage development.
The deal is for $21 per share, more than double Vitae's closing price of $8.10 on Tuesday. Vitae shares climbed $12.72 to $20.82 in premarket trading Wednesday. Allergan PLC shares were unchanged at $240.
The companies expect the deal to close by the end of the year.