Allergan is buying SkinMedica's topical aesthetics skin care business in a deal that could be worth up to $375 million.
Under the terms of the agreement, Allergan will pay the privately-owned firm $350 million upfront for the business, which includes what are described as a variety of physician-dispensed non-prescription aesthetic skin care and prescription products. SkinMedica will get an additional $25 million contingent on how well the acquired treatments sell.
The portfolio includes Vaniqa (eflornithine) a cream which is the only prescription product approved by the US Food and Drug Administration for the reduction of unwanted facial hair in women. Allergan chief executive David Pyott said the deal "will nicely complement our existing facial aesthetics business", which is dominated by Botox (onabotulinum toxin type A) for wrinkles and includes the facial filler Juvederm (hyaluronic acid) and Latisse (bimatoprost), the only FDA-approved product to treat inadequate or not enough eye lashes.
The acquisition, which is expected to close later this year, does not include the SkinMedica Colorescience aesthetic make-up line which will be spun-off.