FTC OKs Allergan’s $2.1 Bn Acquisition of Kythera
The US Federal Trade Commission (FTC) has granted Allergan plc and Kythera Biopharmaceuticals, Inc. early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) with respect to Allergan’s pending $2.1 billion acquisition of Kythera, a biopharmaceutical company focused on the discovery, development, and commercialization of prescription products for the aesthetic medicine market. The early termination of the waiting period under the HSR Act satisfies one of the conditions to the closing of the pending acquisition, which remains subject to other customary closing conditions, including receipt of approval by Kythera’s stockholders. At the time of the announced deal, Allergan said it expected that the deal would close in third quarter of 2015.
The acquisition of Kythera would enhance Allergan’s global facial aesthetics portfolio with the addition of Kybella (deoxycholic acid) injection, a non-surgical treatment for contouring moderate to severe submental fullness, commonly referred to as double chin. Kybella was approved by the US Food and Drug Administration in April 2015. Kybella injection is also being developed for potential introduction into international markets; Kythera has submitted Kybella injection for regulatory approval in Switzerland, Canada, and Australia, with other market applications to follow. The acquisition will also add Kythera’s development product, setipiprant, a compound for the prevention of male pattern baldness as well as additional early-stage development candidates.