Allergan Inc., the Irvine maker of the wrinkle filler Botox, agreed to buy a Silicon Valley pharmaceutical company in a deal valued at $958 million to gain an experimental inhalable migraine treatment.
Allergan will pay Map Pharmaceuticals Inc. investors $25 a share, a 60% premium over Tuesday's closing price of $15.58 in New York, the companies said in a statement. The deal was unanimously approved by the boards of both companies and is expected to close late in the first quarter or in the second quarter, the companies said.
Allergan has targeted sales growth in specialty pharmaceuticals and skin care as it considers divesting its weight-loss unit, including the Lap-Band device, Chief Executive David Pyott has said. The company has announced five acquisitions in the last two years, including a $350-million deal in November for a unit of SkinMedica Inc.
Map, based in Mountain View, is seeking U.S. regulatory approval for Levadex, an inhaled form of a 60-year-old migraine drug, to treat those who have acute attacks.