Allergan to acquire Vitae Pharmaceuticals

DUBLIN and FORT WASHINGTON, Pa. — Allergan will be expanding its dermatology pipeline with its plan to acquire Vitae Pharmaceuticals. The acquisition, which was announced Wednesday and has been approved by the boards of both companies, will see the Allergan paying about $631 million in cash for the clinical-stage biotechnology company. 

 

"The acquisition of Vitae is a strategic investment for Allergan that adds strength and depth to our innovative medical dermatology franchise," Allergan president and CEO Brent Saunders said. “Vitae has pioneered the discovery and development of highly differentiated first-in-class compounds in atopic dermatitis, psoriasis and autoimmune diseases, areas of medicine where innovation is needed for patients.”

 

Among Vitae’s assets are its Phase 2 VTP-43742, which has the potential to treat psoriasis or other autoimmune disorders, and VTP-38543, a topical potential treatment for atopic dermatitis. Vitae has developed and uses its Contour structure-based drug design platform to help discover candidates for therapeutic targets. 

 

“The Vitae team has been tremendously successful in discovering and conducting early development work in areas of medicine that can benefit from significant innovation,” Vitae president and CEO Jeff Hatfield said. “Allergan has a long track record in developing and commercializing innovative dermatologic treatments. I believe our programs will be poised for successful development as part of Allergan's portfolio.”

 

Allergan said that, pending approvals, it expects the transaction to close by the end of 2016.