Irish company Allergan has signed an agreement to acquire US-based Kythera Biopharmaceuticals for around $2.1bn.
Under the deal, Allergan will pay $75 per Kythera share, including 80% payment in cash and 20% in new shares to Kythera shareholders in Allergen.
Kythera is involved in the discovery, development and commercialisation of new prescription products for the aesthetic medicine market.
Allergan president and CEO Brent Saunders said: "The acquisition of Kythera is a strategic investment that strengthens our leading global position in aesthetics and continues to position us for long-term growth."
The acquisition will expand Allergan’s global facial aesthetics portfolio with the addition of Kythera’s lead product Kybella (deoxycholic acid) injection.
Kybella is claimed to be the first and only approved non-surgical treatment for contouring moderate to severe submental fullness, otherwise known as a double chin.
In April, Kybella received approval from the US Food and Drug Administration (FDA) and is also being developed to be introduced to the international markets.
The company submitted applications for Kybella for regulatory approval in Switzerland, Canada, and Australia and plans make further submissions in several other countries.
The deal will also allow Allergen to acquire Kythera’s development product setipiprant (KYTH-105), a new compound to prevent male pattern baldness, as well as additional early stage development candidates.
Kythera CEO and president Keith Leonard said: "Allergan’s world-class medical aesthetics, global footprint, history and commitment to developing leading aesthetic products makes them ideally suited to realise the maximum commercial potential of Kybella."
Subject to approval by the shareholders of Kythera and certain other customary conditions, the deal is expected to be completed in the third quarter of this year.