Allergan, Inc. Announces Completion of SkinMedica, Inc. Acquisition
IRVINE, Calif.--(BUSINESS WIRE)--
Allergan, Inc. (NYSE:AGN) today announced that it has completed the
acquisition of SkinMedica, Inc. Under the terms of the agreement, which
was first announced on November 16, 2012, Allergan paid approximately
$350 million (subject to certain adjustments) for the business, which
includes a variety of "physician dispensed" non-prescription aesthetic
skin care products and prescription products. In connection with the
closing of the transaction, SkinMedica spun out its Colorescience
aesthetic make-up business. Allergan plans to operate SkinMedica as a
separate global business based out of SkinMedica's current headquarters
in Carlsbad, CA.
"The acquisition of SkinMedica reinforces our commitment to fueling
growth through a combination of internal investment in research and
development and leveraging external opportunities," said David E.I.
Pyott, Chairman of the Board, President and Chief Executive Officer,
Allergan. "Today marks a significant achievement for Allergan, as our
acquisition of SkinMedica will enable us to assume a leadership position
in the ‘physician dispensed' topical aesthetics category and will
further strengthen our leadership position in the facial aesthetics
market by expanding our product portfolio to better meet the needs of
physicians and their patients."
About Allergan, Inc.
Allergan is a multi-specialty health care company established more than
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 approximately 10,500 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 eye care, neurosciences, medical
aesthetics, medical dermatology, breast aesthetics, obesity intervention
and urologics, Allergan is proud to celebrate more than 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. For more information regarding Allergan, go to: www.allergan.com.
Allergan Forward-Looking Statements
This press release contains "forward-looking statements," including, but
not limited to, the statements by Mr. Pyott and other statements
regarding the expected benefits of the transaction and other statements
regarding Allergan's planned operation of SkinMedica. 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 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 2011
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.
Allergan Contacts:
Bonnie Jacobs, (856) 912-9965 (media)
jacobs_bonnie@allergan.com
Cathy
Taylor (949) 293-4453 (media)
taylor_cathy@allergan.com
Jim
Hindman (714) 246-4636 (investors)
Joann Bradley (714) 246-4766
(investors)
David Nakasone (714) 246-6376 (investors)
Source: Allergan, Inc.
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