Allergan to acquire Vicept for up to $275 million

Allergan, Inc. is gaining another foothold in the field of dermatology thanks to its most recent acquisition.

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MALVERN, Pa. & IRVINE, Calif.— Allergan, Inc. is gaininganother foothold in the field of dermatology, thanks to its most recentacquisition. The health care company has entered into a definitive agreementwith privately held Vicept Therapeutics Incorporated to acquire all of thedermatology company's outstanding shares and assets. Allergan will pay Viceptan upfront cash payment of $75 million, as well as up to an aggregate of $200million in payments that are dependent on the achievement of specific futuredevelopment and regulatory milestones and also additional payments dependent onwhether acquired products reach certain sales milestones. The deal is expectedto close in the third quarter of 2011.
"The two Phase II studies demonstrated the clinicalpotential of our lead product V-101 in Type I rosacea (Erythematous Rosacea), adermatological problem for which there currently is no approved therapy," saidDr. Neal Walker, President and CEO of Vicept, in a press release about theacquisition. "We believe Allergan is the best company to complete thedevelopment and make the therapy available to the clinical community and theirpatients, fulfilling our shared mission."
V-101 is Vicept's lead investigational product, a topicalcream indicated for the treatment of the redness (erythema) associated withrosacea. In a recent Phase II clinical trial, the product achieved astatistically significant improvement in the primary endpoint of a reduction ofredness in the skin over a twelve-hour period. Vicept's pipeline includes twoother dermatological candidates: V-102, intended for the treatment of actinicpurpura, and V-103, intended for the treatment of peri-procedural bruising.Pilot trials for both compounds have been completed, and both are ready to gointo Phase I clinical trials.
"The acquisition of Vicept Therapeutics will further enhanceour dermatology research and development pipeline, and matches our corporatestrategy and longstanding commitment to patients suffering from skindisorders," Scott M. Whitcup, M.D., Executive Vice President and ChiefScientific Officer of Allergan, said in a press release. "We look forward topotentially providing a new treatment option to physicians and their patientssuffering from this often burdensome condition."
Steve Tullman, executive chairman of Vicept, noted in apress release that Vicept's progress as a company "was truly a team effort withstrong support from an excellent investor syndicate led by Albert Cha, M.D.,Ph.D., from Vivo Ventures." Vicept, which was founded in August 2009, is backedby Vivo Ventures, in addition to Fidelity Biosciences and Sofinnova Ventures.
"Vicept is very pleased to reach this agreement withAllergan, an outstanding global company with a long track record in dermatology,who can leverage the full value of our rosacea program with its significantglobal development and commercialization resource," said Tullman, adding that"Leerink Swann, LLC advised the Board of Directors of Vicept in their review ofstrategic alternatives."
Allergan is a globally based company with its headquartersin Irvine, Calif. the company's primary franchises are in neurosciences,medical dermatology, urologics and eye care. Its medical aesthetics franchisewas created in 2006 with Allergan's acquisition of Inamed Corporation.
SOURCE: Allergan, Inc. press release

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