Allergan buys Vitae for $639 million

Ireland-incorporated Allergan (NYSE: AGN) has strengthened its dermatology pipeline with the $639 million purchase of US biotech Vitae Pharmaceuticals (Nasdaq: VTAE).

Vitae’s share price shot up by more than 157% to $20.85 on the announcement of the deal, while Allergan’s value also rose by a couple of percent on the promise of the acquired assets.

These include VTP-43742, a Phase II first-in-class, orally active RORγt (retinoic acid receptor-related orphan receptor gamma) inhibitor for the potential treatment of psoriasis and other autoimmune disorders.