Allergan Inc. (AGN: Quote) announced that it has entered into a definitive agreement with SkinMedica Inc. to acquire the privately held company's topical aesthetics skin care business. Allergan will pay SkinMedica $350 million up-front for the business, which includes a variety of "physician dispensed" non-prescription aesthetic skin care products and prescription products. Allergan will also pay SkinMedica an additional $25 million contingent upon the acquired products achieving a specific level of net sales.
The acquisition does not include the SkinMedica Colorescience aesthetic make-up line. SkinMedica will be spinning out the Colorescience business in connection with the closing of the acquisition.
Allergan plans to operate SkinMedica as a separate global business. Bob Rhatigan, who currently serves as Senior Vice President, Facial Aesthetics, Allergan, will assume the role of Senior Vice President, General Manager and Chief Executive, SkinMedica. Mary Fisher, Chief Executive Officer, SkinMedica, will join Allergan and assist Rhatigan in the acquisition integration to ensure the maximization of revenue building opportunities.
by RTT Staff Writer
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