WASHINGTON, DC, June 18, 2015 — Covington advised Allergan plc in its acquisition of KYTHERA Biopharmaceuticals, Inc. for consideration having a fixed value of $75 per KYTHERA share, or approximately $2.1 billion, which will be paid 80 percent in cash and 20 percent in Allergan shares issued to KYTHERA shareholders.
KYTHERA is a biopharmaceutical company focused on the discovery, development and commercialization of novel prescription products for the aesthetic medicine market. KYTHERA’s lead product is KYBELLA™ (deoxycholic acid) injection, the first and only approved non-surgical treatment for contouring moderate to severe submental fullness, commonly referred to as double chin. KYBELLA™ was approved by the U.S. Food and Drug Administration on April 29, 2015.
The transaction is subject to approval by the shareholders of KYTHERA, expiration or termination of the HSR waiting period and fulfillment of certain other customary conditions to closing, and is expected to occur in the third quarter of 2015.
The Covington team was led by Andrew Ment and included Kyle Rabe, Bud Jerke, Norman Greenberg, Mike Francese, Andrew Skowronski, Robin Blaney, Peter Safir, Libbie Canter, Jessica Milner, Rob Heller, Lee Kelley and Adele Faure.