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Allergan To Acquire SkinMedica’s Skin Care Business

January 23, 2013

Allergan, Inc. has entered into a definitive agreement with SkinMedica, Inc. to acquire the privately-held company’s topical aesthetics skin care business.

Mary Fisher, CEO of SkinMedica
Under the terms of the agreement, Allergan will pay SkinMedica $350 million up-front (subject to certain adjustments) for the business, which includes a variety of “physician dispensed” non-prescription aesthetic skin care products and prescription products. Allergan will also pay SkinMedica an additional $25 million contingent upon the acquired products achieving a specific level of net sales. The acquisition, which is expected to close later this year, does not include the SkinMedica Colorescience aesthetic makeup line. Instead, SkinMedica will spin off the Colorescience business in connection with the closing of the acquisition.

Following the acquisition, Allergan plans to operate SkinMedica as a separate global business and will leverage a number of Allergan’s existing preferred customer programs with the SkinMedica product line to provide additional benefits to physicians and patients.

Bob Rhatigan, who currently serves as SVP-facial aesthetics at Allergan, will assume the role of SVP, GM and chief executive, SkinMedica. Mary Fisher, CEO, SkinMedica, will join Allergan and assist Rhatigan in the acquisition integration to ensure the maximization of revenue-building opportunities.

“Allergan is widely recognized for our leadership in the facial aesthetics area,” said David E.I. Pyott, chairman of the board, president and CEO, Allergan. “The acquisition of SkinMedica will nicely complement our existing facial aesthetics business, which includes products such as Botox Cosmetic, Juvederm and Latisse, and will enable us to take a leadership position in the growing ‘physician dispensed’ topical aesthetics skin care category. Most importantly, the acquisition will allow us to expand our product portfolio to better meet the needs of our existing base of physician customers and their patients.”

The Allergan topical aesthetics sales force and the SkinMedica sales force will continue to represent their respective product lines over the near term.

Following the completion of the acquisition, a larger and combined SkinMedica sales force will assume responsibility for the line of products including the SkinMedica TNS product line, Allergan’s Vivité product line and Latisse.
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