Allergan buying Kythera for $2.1 billion, adding 'double chin' treatment to its portfolio

Associated Press

Botox maker Allergan Plc. is buying Kythera Biopharmaceuticals for about $2.1 billion, adding an injection that reduces "double chin" to its portfolio of products.

The Dublin drugmaker will pay $75 per share in a cash-and-stock deal for Kythera, based in Westlake Village, California, a 25.5 percent premium over its closing stock price Tuesday.

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Kythera Biopharmaceuticals Inc. is preparing to launch its double chin treatment Kybella in the U.S. and the company is seeking approval in foreign markets as well.