Allergan to acquire SkinMedica business for $350 million

US drug firm Allergan (NYSE: AGN), best known as the maker Botox (onabotulinumtoxinA) anti-wrinkle injections, has entered into a definitive agreement with SkinMedica to acquire the privately held company’s topical aesthetics skin care business. Under the terms of the agreement, Allergan will pay SkinMedica $350 million up-front (subject to certain adjustments) 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, which is expected to close later this year, does not include the SkinMedica Colorescience aesthetic make-up line, which will be spun-out the closing of the acquisition into a separate company.

Enhances Allergan leadership in “physician dispensed” topical aesthetics