Botox-maker Allergan has agreed to purchase California-based Kythera Biopharmaceuticals, which is preparing to launch an injection aimed at reducing under-chin fat, in a deal worth approximately $2.1 billion in cash and stock.
The acquisition will enhance Allergan’s global facial aesthetics portfolio with the addition of Kybella injection, the first and only approved non-surgical treatment for "double chins." Kybella was granted U.S. FDA approval in late April of this year.
According to Kythera CEO Keith Leonard, the target customers for Kybella are patients already visiting the doctor for injections such as Botox.
Dublin-based Allergan will pay $75 per share for Kythera.
Read the Allergan press release