Allergan To Acquire Vitae Pharma In $639 Mln Cash Deal

(RTTNews) - Allergan plc (AGN) Wednesday announced a definitive agreement to acquire Vitae Pharmaceuticals, Inc. (VTAE) for $21 per share in cash or a total transaction value of approximately $639 million.

As per the agreement, a subsidiary of Allergan will commence a cash tender offer to purchase the shares of Vitae. Allergan will acquire any shares of Vitae that are not tendered into the offer through a second-step merger. The closing of the transaction is expected to be by the end of 2016. The Boards of Directors of both companies have unanimously approved the transaction.

The acquisition will add VTP-43742, a Phase 2 first-in-class, orally active ROR?t inhibitor for the potential treatment of psoriasis and other autoimmune disorders, strengthening Allergan's dermatology product pipeline.

The acquisition also will add VTP-38543, a topical LXRß selective agonist for the potential treatment of atopic dermatitis.

Brent Saunders, CEO and President of Allergan said, "The acquisition of Vitae is a strategic investment for Allergan that adds strength and depth to our innovative medical dermatology franchise."