Allergan, a global pharmaceutical company based in Dublin, Ireland, agreed Wednesday to buy Fort Washington-based Vitae Pharmaceuticals for $639 million, writes John George for the Philadelphia Business Journal.
The deal has received the approval of both company’s boards of directors, as Allergan will pay Vitae stockholders $21 per share.
Shares of the Montgomery County clinical stage biotechnology company closed Tuesday at $8 per share.
Officials at Allergan said the deal will strengthen its dermatology product pipeline, with the addition of Vitae’s new drug candidate targeting psoriasis and other autoimmune disorders.
Vitae is also developing a new treatment for atopic dermatitis.
“I believe our programs will be poised for successful development as part of Allergan’s portfolio,” said Jeff Hatfield, Vitae’s president and CEO. “I am very proud of the tremendous contributions of our research teams and the clinical community who have led the discovery and development of our pipeline programs.”
Click here to read more about Allergan’s acquisition of Vitae Pharmaceuticals in the Philadelphia Business Journal.