- Allergan (NYSE:AGN) acquires Kythera Biopharmaceuticals (NASDAQ:KYTH) for $75 per KYTH share in a cash-and-stock transaction valued at ~$2.1B, specifically 80% in cash and 20% in AGN shares. The deal is expected to be breakeven in 2016 and accretive thereafter.
- Kythera's sole marketed product is Kybella (deoxycholic acid) for the non-surgical contouring of moderate-to-severe submental fullness (double chin). It was cleared by the FDA in April. A key product candidate in development is KYTH-105 (setipiprant) for the prevention of male pattern baldness.
- Allergan will host a conference call this morning at 8:30 am ET to discuss the deal.
- KYTH is up 22% premarket on robust volume.