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Allergan boosts migraine standing with $1bn acquisition

Acquires Californian neurology specialist MAP Pharmaceuticals

Allergan Botox

Allergan is set to buy out its promotional partner California-based MAP Pharmaceuticals in a move that will boost its neurology portfolio.

The companies have been working together since January 2011 on bringing MAP's lead product, the orally inhaled drug Levadex (dihydroergotamine mesylate), to market.

Now they've signed a definitive merger agreement that will see Allergan acquire 100 per cent MAP's shares, for a price of $25.00 per share – representing a total equity value of approximately $958m. 

The deal has the unanimous approval of both boards of directors and is expected to be completed either late in the first quarter or early in the second quarter of this year.

At the heart of the deal is Levadex, which is currently being reviewed by US regulators for approval as an acute treatment for migraine in adults and has been touted as a potential blockbuster.

The drug is also a good fit for Allergan's portfolio. Botox, the company's best known product, has been approved as a chronic migraine treatment since 2010.

Allergan's CEO, chairman and president David Pyott said: “One of the key drivers of Allergan's continued success is our focus on medical specialties where we have extensive knowledge of physician and patient needs, and can provide a broad portfolio of products.

“During the past few years, Allergan has received regulatory approvals in 56 countries for Botox for use in the treatment of chronic migraine. As a result, thousands of patients who suffer from chronic migraine have benefited from this important treatment option.

“We plan to capitalise on this depth of expertise in neurology as we continue the global development of Levadex as a potential acute treatment for migraine that is complementary to Botox and use MAP's proprietary drug particle and inhalation technologies to generate new pipeline opportunities.”

The partners suffered a slight mis-step with their US Levadex application, which had to be resubmitted to the FDA after the regulator raised issues with the product's manufacturing.

However, the filing looks to be back on track now, with the FDA setting a goal date of April 15 under the Prescription Drug User Fee Act (PDUFA) to decide on the drug's application.

24th January 2013

From: Sales

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