Allergan Completes Vitae Tender OfferBy
Allergan has completed its tender offer to purchase all of the outstanding shares of Vitae Pharmaceuticals, a clinical-stage biopharmceutical company. As previously announced, Allergan offered to purchase all outstanding shares of Vitae for $21.00 per share, in cash, for a total transaction value of approximately $639 million.
The acquisition strengthens Allergan’s dermatology product pipeline, with the addition of VTP-43742, a Phase II orally active retinoic acid receptor-related orphan receptor gamma (RORγt) inhibitor for treating psoriasis and other autoimmune disorders. Allergan also gets VTP-38543, a Phase IIa topical liver-X receptor beta (LXRβ) selective agonist for treating atopic dermatitis. It is believed that VTP-38543 decreases inflammation in damaged skin tissue and repairs the damaged outer layer of skin, according to Allergan.
The acquisition also adds Vitae’s Contour structure-based drug-design platform aimed at discovering product candidates for validated therapeutic targets.