Allergan buys Groupe Corneal for $217M
Allergan has signed an agreement to acquire France's Groupe Corneal Laboratoires for approximately 170.0 million euros ($217.0 million). Through the all-cash deal, the US drugmaker gains sole worldwide rights to the facial wrinkle treatment Juvederm, as well as a range of hyaluronic acid dermal fillers.
In separate news, the Irvine, California-headquartered firm reported a strong set of financial results for the quarter ended September 29, 2006. Net sales rose 30.6% on the comparable period last year, to $791.7 million, as pharmaceutical turnover increased 13.4%, adjusted to exclude Botox sales in Japan as a result of Allergan's development and promotion arrangement with GlaxoSmithKline.
However, the firm's diluted earnings per share dropped 37.5% to $0.70. Analysts polled by Thomson Financial had predicted average revenues of $784.0 million leading to income of $0.94 per share.
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