Allergan acquires SkinMedica
Botox manufacturer Allergan has signed a deal to acquire the cosmeceutical skincare division of SkinMedica.
The deal will see Allergan pay $350million (£220m) upfront for the business, which includes both non-prescription and prescription aesthetic skincare products. Allergan will pay an additional $25m (£16m) if the products achieve set sales goals.
The acquisition, which is expected to complete later this year, does not include the SkinMedica Colorescience aesthetic make-up line, which will be spun out as a separate company.
Allergan chairman, president and chief executive David Pyott said: “The acquisition of SkinMedica will nicely complement our existing facial aesthetics business, which includes products such as Botox Cosmetic, Juvederm and Latisse, and will enable us to take a leadership position in the growing “physician dispensed” topical aesthetics skin care category.
He added: “Most importantly, the acquisition will allow us to expand our product portfolio to better meet the needs of our existing base of physician customers and their patients.”