Merged Allergan Buys Kythera

The newly merged Allergan – as generics drugmaker Actavis rebranded itself following the takeover of Allergan – has announced it is acquiring Kythera Biopharmaceuticals for $2.1 billion in cash and shares.

Allergan is offering Kythera shareholders $75 per share, 23.5% above the share price in trading on Jun. 16.

Kythera is interesting to the Botox manufacturer, which bills itself as a leader in "facial esthetics,” in particular because of its new injectable drug Kybella, which won FDA approval in April of this year.

Kybella will be used to reduce double chins, and Kythera is also working on developing a product to prevent male-pattern baldness.

Allergan said double chins are a “common yet undertreated condition that can detract from an otherwise balanced and harmonious facial appearance,” adding that its customers, such as physicians and clinics, "are looking to offer their patients new options."