Allergan, Inc. has entered into a definitive agreement to acquire SkinMedica, Inc. for $350 million up-front and an additional $25 million based on sales targets for acquired products. The acquisition includes SkinMedica’s topical aesthetics skin care business, which includes a variety of physician dispensed non-prescription aesthetic skin care products and prescription products.
Allergan plans to operate SkinMedica as a separate global business. Bob Rhatigan, who currently serves as senior vice president of Facial Aesthetics at Allergan, will assume the role of senior vice president, general manager and chief executive officer, SkinMedica. Mary Fisher, chief executive officer of SkinMedica, will join Allergan and assist Mr. Rhatigan in the acquisition integration to ensure 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 chief executive officer, Allergan. “The acquisition of SkinMedica will nicely complement our existing facial aesthetics business, 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.”