Allergan Pays $958M for Map Pharmaceuticals
Map Pharmaceuticals is developing migraine treatment Levadex
Allergan Inc. (NYSE: AGN) is buying Map Pharmaceuticals Inc. (Nasdaq: MAPP) for $958 million.
Mountain View, Calif.-based Map is a biopharmaceutical company focused on developing new neurology medications, including Levadex, an orally inhaled drug that could potentially treat adult migraines. Levadex is currently under review with the U.S. Food and Drug Administration.
Allergan, headquartered in Irvine, Calif., has gotten regulatory approval in 56 countries to use Botox to treat chronic migraines, and expects to continue developing Levadex as a complementary migraine treatment option.
The buyer is a healthcare company that focuses on the eye care, neurosciences, medical aesthetics, dermatology, obesity and other areas. The deal was announced late Jan. 22.
In November Allergan agreed to buy SkinMedica Inc., a company that makes topical skin-care products, for $350 million.
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