Allergan has entered into a definitive merger agreement to acquire MAP Pharmaceuticals for approximately $958 million. MAP is a biopharmaceutical company focused on developing and commercializing new therapies in neurology, including Levadex, an orally inhaled drug for the potential treatment of migraine, which is currently under FDA review. The acquisition is expected to close in 1Q13.
“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,” said David E.I. Pyott, chairman of the board, president and chief executive officer, Allergan. “Allergan has a record of leadership in the Neurosciences field and, according to a recent physician survey, is now perceived as the number one company in prophylactic migraine management by physicians. We plan to capitalize 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.”
“Through our dedicated employees at MAP Pharmaceuticals, we have made tremendous progress to date with our lead product candidate, Levadex, enabling us to realize substantial value for our stockholders through this transaction,” said Timothy S. Nelson, president and chief executive officer, MAP Pharmaceuticals. “We are pleased that we and Allergan share similar values and a common vision in neuroscience that make for a strong cultural and scientific fit between our companies. We believe this acquisition by our partner Allergan will increase the potential for our product candidates to make a meaningful difference for patients we have worked so hard to serve.”