Allergan Acquires Esprit for $370 Million

Allergan announced Wednesday morning it would pay $370 million in cash to purchase privately-held Esprit Pharma Holding Company. Esprit's main expertise is in genitourinary system drugs, an area Allergan has had a strategic interest in growing. Currently Esprit is marketing Sanctura, an FDA approved drug for overactive bladders. "The acquisition of Esprit reflects our commitment to build portfolios of products with differentiated profiles in core specialty markets where there is a high unmet need and significant growth potential," said David E.I. Pyott, Allergan's CEO. The deal will need anti-trust approval from the FTC, and Allergan sees the transaction closing in the fourth quarter. Assuming it does close as scheduled, Allergan estimates the deal will add $6 million-$12 million to revenues in 2007. Allergan ended Tuesday down 0.13% to $62.21.

Sources: Press Release, MarketWatch, CNN
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