Allergan will acquire Kythera Biopharmaceuticals for about $2.1 billion in cash and stock, adding to its portfolio the first non-surgical treatment for double chins, the companies said today.

That treatment, Kybella™ (deoxycholic acid, formerly ATX-101) is a cytolytic drug that physically destroys the cell membrane when injected into fat tissue. Kybella won FDA approval on April 29, indicated “for improvement in the appearance of moderate to severe convexity or fullness associated with submental fat in adults.”

Physician faculty education on the safe use of Kybella began earlier this month, to be followed in late summer by physician training efforts. Qualified injectors will be able to purchase Kybella and treat their patients after they have been trained.

Kythera has submitted Kybella for approvals in Switzerland, Canada, and Australia.

Allergan said its global facial aesthetics portfolio would also be enhanced with Kythera because of its drug candidates— which include setipiprant (KYTH-105) designed to prevent male pattern baldness.

“Kybella is also a pivotal entry point for expanding the use of facial aesthetic products in men, while Kythera’s setipiprant (hair-loss) development program can drive additional long-term value,” Brent Saunders, Allergan’s CEO and president, said in a statement. “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.”

Added Keith Leonard, Kythera’s CEO and president: “Allergan's world-class medical aesthetics, global footprint, history, and commitment to developing leading aesthetic products makes them ideally suited to realize the maximum commercial potential of Kybella.”

The deal comes just two days after Allergan renamed itself from Actavis after completing its acquisition of the Botox developer for $70.5 billion in a deal announced last year.

Allergan agreed to pay 80% of the deal price in cash, the rest as new Allergan stock to be issued to Kythera shareholders. At $75 per share, Allergan acquired Kythera at a 23.5% premium to Kythera's Tuesday closing share price.

Allergan said the Kythera acquisition is expected to break even in 2016 and accretive to earnings thereafter.

Allergan said it currently anticipates closing the deal in the third quarter of 2015. The acquisition is subject to approval by Kythera shareholders, expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and other customary conditions.

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