IRVINE, Calif. (AP) — Specialty drugmaker Allergan is buying migraine headache drug developer MAP Pharmaceuticals Inc. for about $882.5 million as it looks to expand its migraine treatments.
MAP's Levadex is an oral drug for the potential treatment of migraine headaches in adults. It is currently under review with the Food and Drug Administration.
Allergan has received regulatory approval in 56 countries for its Botox injection to be used as a migraine treatment. The company said it hopes to use Levadex as a complementary treatment for migraines.
On Friday Allergan received FDA approval for Botox to be used in treating patients with overactive bladders. Botox is already approved for a half-dozen uses, most famously for removing wrinkles on the forehead, but also muscle spasms, migraine and eyelid twitching.
In 2011 Allergan entered a deal with MAP to co-promote Levadex to neurologists and pain specialists. The agreement was contingent upon potential regulatory approvals in the U.S. and Canada.
Allergan said it will pay $25 per MAP share, which is a 61 percent premium to the company's Tuesday closing price of $15.58. MAP, which is based in Mountain View, Calif., currently has about 35.3 million outstanding shares, according to FactSet. Allergen put the total value of the deal at approximately $958 million.