Allergan To Acquire Vitae Pharma In An All-cash Deal Valued At About $639 Million

Allergan Plc said Wednesday it has agreed to acquire Vitae Pharmaceuticals Inc. in a deal valued at about $639 million. Under the terms of the deal, Allergan will pay $21 per Vitae share in cash. The deal will strengthen Allergan's dermatology product pipeline, adding a treatment for psoriasis and other autoimmune disorders, as well as a treatment for atopic dermatitis. The deal is expected to close by year-end. Vitae shares were halted for news pending. Allergan shares were up 0.7%, but are down 23% in the year so far, while the S&P 500 has gained about 4%.