Allergan announces takeover of Kythera Biopharmaceuticals

Allergan has announced the acquisition of Kythera Biopharmaceuticals, a specialist developer of novel prescription products for the aesthetic medicine market.

The $2.1 billion (1.34 billion pounds) deal will complement Allergan's existing position in the facial aesthetics market, allowing it to add Kythera's lead product Kybella to its portfolio.

Kybella is the first and only approved non-surgical treatment for contouring moderate to severe submental fullness, commonly referred to as double chin. It was approved for sale in the US earlier this year.

Additionally, Kythera is working on the development of setipiprant, a novel compound for the prevention of male pattern baldness, as well as other early-stage development candidates.

Brent Saunders, chief executive officer and president of Allergan, said: "The acquisition of Kythera is a strategic investment that strengthens our leading global position in aesthetics and continues to position us for long-term growth."

The new-look Allergan was created through the recent acquisition of the old Allergan by Actavis. The combined company formally adopted the Allergan name earlier this month.