Allergan completes takeover of SkinMedica

Allergan has announced the completion of its takeover of SkinMedica, a move that will strengthen its global business capabilities.

The company has paid $350 million (215.42 million pounds) to purchase SkinMedica, which is responsible for the development of a wide range of prescription and non-prescription aesthetic skin care products.

Following the completion of the deal, SkinMedica has spun out its Colorescience aesthetic make-up business, while Allergan plans to operate its new subsidiary as a separate global business from its existing Californian headquarters.

The transaction will expand Allergan's presence in the topical and facial aesthetics categories, while allowing it to deliver a wider range of solutions for patients and physicians.

David Pyott, chairman of the board, president and chief executive officer at Allergan, said: "The acquisition of SkinMedica reinforces our commitment to fueling growth through a combination of internal investment in research and development and leveraging external opportunities."

This comes after Allergan was granted a positive European regulatory decision for the approval of Botox as a therapy for idiopathic overactive bladder earlier this week.