Allergan and KYTHERA Biopharmaceuticals today announced that they have entered into a definitive agreement under which Allergan has agreed to acquire KYTHERA in a cash and equity transaction.
WESTLAKE VILLAGE, Calif.
June 17, 2015
(NYSE: AGN), a leading global pharmaceutical company, and
KYTHERA Biopharmaceuticals, Inc.
(NASDAQ: KYTH), a biopharmaceutical company focused on the discovery, development and commercialization of novel prescription products for the aesthetic medicine market, today announced that they have entered into a definitive agreement under which
has agreed to acquire KYTHERA in a cash and equity transaction valued at
per KYTHERA share, or approximately
, subject to the fulfillment of certain customary conditions summarized below. The fixed-value transaction consideration will be payable 80 percent in cash and 20 percent in new AGN shares issued to KYTHERA shareholders.
2015 earnings-per-share forecast provided on
May 11, 2015
is unchanged as a result of the acquisition. The acquisition is expected to be breakeven in 2016 and accretive thereafter. The Company remains committed to de-levering to below 3.5x debt to Adjusted EBITDA by the end of the first quarter of 2016.