Irvine-based drug maker Allergan Inc. said today that it is buying the skin care business of SkinMedica Inc. for $350 million.

Allergan shares were up 1% to a market value of $26.7 billion on news of the deal.

Allergan will get Carlsbad-based SkinMedica’s topical aesthetics skin care business, including prescription and non-prescription products, in the deal. SkinMedical’s primary prescription drug is Vaniqa, which is the only Food and Drug Administration-approved prescription drug for reducing unwanted facial hair in women.

Allergan said SkinMedica will be operated as a separate global business.

Allergan named Senior Vice President of Facial Aesthetics Bob Rhatigan to serve as senior vice president, general manager and chief executive of SkinMedica. Mary Fisher, SkinMedica’s current chief executive, will join Allergan and assist Rhatigan in integrating SkinMedica.

The deal does not include SkinMedica's Colorescience makeup line, which will be spun out in connection with the Allergan deal's closing.