Allergan, Inc. to Acquire Privately Held Dermatologic Company, Vicept Therapeutics
- Vicept Therapeutics successfully completed a Phase II clinical
development program of a novel topical cream for the treatment of the
erythema of rosacea
- Acquisition strategically aligns with Allergan's leadership
position in medical dermatology and its pursuit of innovative therapies
to address unmet dermatologic needs
MALVERN, Pa. & IRVINE, Calif.--(BUSINESS WIRE)--
Vicept Therapeutics and Allergan, Inc. (NYSE:AGN) today announced that
they have entered into a definitive agreement for Allergan to acquire
all of the outstanding shares and assets of the privately-held
dermatology company. The agreement, estimated to close in the third
quarter of 2011, includes a $75 million cash up-front payment by
Allergan plus up to an aggregate of $200 million in payments payable by
Allergan contingent upon achieving certain future development and
regulatory milestones plus additional payments contingent upon acquired
products achieving certain sales milestones.
Founded in 2009 and backed by Vivo Ventures, Fidelity Biosciences and
Sofinnova Ventures, Vicept Therapeutics' lead investigational product,
V-101, is a topical cream for the treatment of the erythema (redness)
associated with rosacea that has achieved positive results in two
randomized, placebo-controlled Phase II studies.
"The two Phase II studies demonstrated the clinical potential of our
lead product V-101 in Type I rosacea (Erythematous Rosacea), a
dermatological problem for which there currently is no approved
therapy," said Dr. Neal Walker, President and CEO of Vicept. "We believe
Allergan is the best company to complete the development and make the
therapy available to the clinical community and their patients,
fulfilling our shared mission."
"The acquisition of Vicept Therapeutics will further enhance our
dermatology research and development pipeline, and matches our corporate
strategy and long-standing commitment to patients suffering from skin
disorders," said Scott M. Whitcup, M.D., Executive Vice President, Chief
Scientific Officer of Allergan. "We look forward to potentially
providing a new treatment option to physicians and their patients
suffering from this often burdensome condition."
Steve Tullman, Executive Chairman of Vicept added, "The progress Vicept
has made was truly a team effort with strong support from an excellent
investor syndicate led by Albert Cha, M.D., PhD from Vivo Ventures.
Vicept is very pleased to reach this agreement with Allergan, an
outstanding global company with a long track record in dermatology, who
can leverage the full value of our rosacea program with its significant
global development and commercialization resources. Leerink Swann, LLC
advised the Board of Directors of Vicept in their review of strategic
alternatives."
About Rosacea
Rosacea is a common, chronic skin disorder that affects over 15 million
Americans and over 45 million people worldwide.1
Erythematotelenagietic rosacea (ETR), Type I, is the most commonly
encountered subtype, and is most characterized by frequent episodes of
transient facial erythema (flushing) and non-transient, or persistent,
erythema. It may also be accompanied by facial edema, burning, or
stinging, and sensitivity of the skin and intolerance to topically
applied products is common. Rosacea remains a disorder of uncertain
etiology and pathogenesis, though the flushing and erythema of ETR are
theorized to arise from an abnormal response of the cutaneous blood
vessels of the face to neurological, hormonal, thermal, topical, or
other stimuli, resulting in an abnormal dilation of facial blood
vessels. There is currently no approved topical therapy for the
treatment of ETR.
About Vicept Therapeutics
Vicept Therapeutics, Inc. is a privately held specialty pharmaceutical
company with a mission to develop the first effective topically applied
therapy directed toward the erythema of rosacea and other disorders
characterized by redness and or flushing of the skin. The Company is
also pursuing the development of topical agents for the treatment and
prevention of a number of medical and cosmetic indications including
bruising of the skin. Visit www.vicepttx.com
for more information.
About Allergan, Inc.
Allergan, Inc. is a multi-specialty health care company established 60
years ago with a commitment to uncover the best of science and develop
and deliver innovative and meaningful treatments to help people reach
their life's potential. Today, we have more than 9,000 highly dedicated
and talented employees, global marketing and sales capabilities with a
presence in more than 100 countries, a rich and ever-evolving portfolio
of pharmaceuticals, biologics, medical devices and over-the-counter
consumer products, and state-of-the-art resources in R&D, manufacturing
and safety surveillance that help millions of patients see more clearly,
move more freely and express themselves more fully. From our beginnings
as an eye care company to our focus today on several medical
specialties, including ophthalmology, neurosciences, obesity, urologics,
medical aesthetics and dermatology, Allergan is proud to celebrate 60
years of medical advances and proud to support the patients and
physicians who rely on our products and the employees and communities in
which we live and work.
Allergan Forward-Looking Statements
This press release contains "forward-looking statements," including, but
not limited to, the statements by Drs. Whitcup and Walker, and Mr.
Tullman and other statements regarding the development of V-101 as well
as the safety, effectiveness, approvals, adverse events and market
potential of V-101. These statements are based on current expectations
of future events. If underlying assumptions prove inaccurate or unknown
risks or uncertainties materialize, actual results could vary materially
from Allergan's expectations and projections. Risks and uncertainties
include, among other things, general industry and pharmaceutical market
conditions; technological advances and patents attained by competitors;
challenges inherent in the research and development and regulatory
processes; challenges related to product marketing, such as the
unpredictability of market acceptance for new products and/or the
acceptance of new indications for such products; inconsistency of
treatment results among patients; general economic conditions; and
governmental laws and regulations affecting domestic and foreign
operations. Allergan expressly disclaims any intent or obligation to
update these forward-looking statements except as required by law.
Additional information concerning the above referenced risk factors and
other risk factors can be found in Allergan's public periodic filings
with the Securities and Exchange Commission, including the discussion
under the heading "Risk Factors" in Allergan's 2010 Annual Report on
Form 10-K and subsequent Quarterly Reports on Form 10-Q. Additional
information about Allergan is available at www.allergan.com
or you can contact the Allergan Investor Relations Department by calling
714-246-4636.
1 Crawford GH, Pelle MT, James WD. Rosacea, I: etiology,
pathogenesis, and subtype classification. J Am Acad Dermatol.
2004;51(3):327-341.
Vicept Media Contact:
Mike Beyer, Sam Brown, Inc.
773-463-4211
beyer@sambrown.com
or
Allergan
Media/IR Contact:
Jim Hindman (714) 246-4636 (investors)
Joann
Bradley (714) 246-4766 (investors)
David Nakasone (714) 246-6376
(investors)
Caroline Van Hove (714) 246-5134 (media)
Source: Allergan, Inc.
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