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Allergan to acquire Vitae Pharmaceuticals, strengthen dermatology pipeline
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Allergan plc announced today it has entered into a definitive agreement to acquire Vitae Pharmaceuticals for $21 per share in cash, for a total value of approximately $639 million.
The acquisition will include VTP-43742, a phase 2 first in class, orally active retinoic acid receptor-related orphan receptor gamma inhibitor that is a potential treatment for psoriasis and other autoimmune disorders, according to a press release from Allergan. Preclinical studies have shown that VTP-43742 inhibits retinoic acid receptor-related orphan receptor gamma activity and could be administered as a once-daily oral dose.
A phase 2 proof-of-concept multiple ascending dose study in patients with moderate-to-severe psoriasis was recently completed, according to the release.
VTP-38543, a topical liver X receptor beta selector agonist, for the potential treatment of atopic dermatitis also will be part of the acquisition. VTP-38543 is believed to work by decreasing inflammation in damaged skin tissue and repairing the damaged outer layer of skin. It is currently in a phase 2a proof-of-concept clinical trial measuring the safety, tolerability and efficacy in patients with mild-to-moderate atopic dermatitis, according to the release.
“The acquisition of Vitae is a strategic investment for Allergan that adds strength and depth to our innovative medical dermatology franchise,” Brent Saunders, CEO and president of Allergan, stated in the release. “Vitae has pioneered the discovery and development of highly differentiated first-in-class compounds in atopic dermatitis, psoriasis and autoimmune disease, areas of medicine where innovation is needed for patients.”
The board of directors of both companies have approved the transaction, according to the release.
“Allergan has a long track record in developing and commercializing innovative dermatologic treatments,” Jeff Hatfield, president and CEO of Vitae, stated in the release. “I believe our programs will be poised for successful development as part of Allergan’s portfolio.”
Reference: www.allergan.com