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December 19, 2012 (Irvine, CA) -- Allergan, Inc. (NYSE:AGN) today announced that it has completed the acquisition of SkinMedica, Inc. Under the terms of the agreement, which was first announced on November 16, 2012, Allergan paid approximately $350 million (subject to certain adjustments) for the business, which includes a variety of “physician dispensed” non-prescription aesthetic skin care products and prescription products. In connection with the closing of the transaction, SkinMedica spun out its Colorescience aesthetic make-up business. Allergan plans to operate SkinMedica as a separate global business based out of SkinMedicaâ€Ÿs current headquarters in Carlsbad, CA.
“The acquisition of SkinMedica reinforces our commitment to fueling growth through a combination of internal investment in research and development and leveraging external opportunities,” said David E.I. Pyott, Chairman of the Board, President and Chief Executive Officer, Allergan. “Today marks a significant achievement for Allergan, as our acquisition of SkinMedica will enable us to assume a leadership position in the „physician dispensedâ€Ÿ topical aesthetics category and will further strengthen our leadership position in the facial aesthetics market by expanding our product portfolio to better meet the needs of physicians and their patients.”
About Allergan, Inc.
Allergan is a multi-specialty health care company established more than 60 years ago with a commitment to uncover the best of science and develop and deliver innovative and meaningful treatments to help people reach their lifeâ€Ÿs potential. Today, we have approximately 10,500 highly dedicated and talented employees, global marketing and sales capabilities with a presence in more than 100 countries, a rich and ever-evolving portfolio of pharmaceuticals, biologics, medical devices and over-the-counter consumer products, and state-of-the-art resources in R&D, manufacturing and safety surveillance that help millions of patients see more clearly, move more freely and express themselves more fully. From our beginnings as an eye care company to our focus today on several medical specialties, including eye care, neurosciences, medical aesthetics, medical dermatology, breast aesthetics, obesity intervention and urologics, Allergan is proud to celebrate more than 60 years of medical advances and proud to support the patients and physicians who rely on our products and the employees and communities in which we live and work. For more information regarding Allergan, go to: www.allergan.com.
Allergan Forward-Looking Statements
This press release contains "forward-looking statements," including, but not limited to, the statements by Mr. Pyott and other statements regarding the expected benefits of the transaction and other statements regarding Allerganâ€Ÿs planned operation of SkinMedica. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from Allergan's expectations and projections. Risks and uncertainties include, among other things, general industry and market conditions; technological advances and patents attained by competitors; challenges inherent in the research and development and regulatory processes; challenges related to product marketing, such as the unpredictability of market acceptance for new products and/or the acceptance of new indications for such products; inconsistency of treatment results among patients; general economic conditions; and governmental laws and regulations affecting domestic and foreign operations. Allergan expressly disclaims any intent or obligation to update these forward-looking statements except as required by law. Additional information concerning the above referenced risk factors and other risk factors can be found in Allergan's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Risk Factors" in Allergan's 2011 Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Additional information about Allergan is available at www.allergan.com or you can contact the Allergan Investor Relations Department by calling 714-246-4636.
Bonnie Jacobs (856) 912-9965 (media)
Cathy Taylor (949) 293-4453 (media)
Jim Hindman (714) 246-4636 (investors) Joann Bradley (714) 246-4766 (investors) David Nakasone (714) 246- 6376 (investors)
SkinMedica, Inc. is focused on developing, acquiring, and commercializing products that improve the appearance of skin. SkinMedica markets and sells to physicians, with a focus on aesthetics, both prescription and non-prescription skin care products. The company's full line of aesthetic skin care products includes the revolutionary TNS Essential Serum® and hallmark TNS Recovery Complex®. The formulations in SkinMedica’s clinical skin care collection enhance skin appearance, reduce signs of aging, and provide other skin care benefits. SkinMedica's primary prescription product, VANIQA® (eflornithine hydrochloride) Cream 13.9%, is the only FDA-approved prescription product for the reduction of unwanted facial hair in women. Colorescience Pro’s dermatologist recommended, high-performance cosmetics are formulated to remedy and camouflage specific skin concerns and protect skin from damaging effects of the sun and environment. Colorescience Pro’s luxury aesthetic makeup line is sold in the physician and medical spa channels.
TNS Recovery Complex®, VANIQA®, and SkinMedica®, are registered trademarks of SkinMedica, Inc and affiliates.