It’s official. Allergan Inc. now is in the breast implant, obesity treatment and skin filler business.
Regulators said Wednesday that they cleared the Irvine-based drug maker’s $3.2 billion buy of Santa Barbara’s Inamed Corp. The companies agreed to combine in December.
The Federal Trade Commission, in a 4-0 vote, approved the deal after Allergan and Inamed agreed to sell Inamed’s rights to Reloxin. The drug is a potential competitor to Allergan’s flagship Botox.
Allergan and Inamed have reached a formal agreement with Ispen Ltd, a European drug maker, to take back rights to Reloxin.
Allergan said it expects to complete its exchange offer for the outstanding shares of Inamed on Friday, according to a statement.
We’re “pleased to have received U.S. antitrust approval from the FTC,” said Allergan Chief Executive David E.I. Pyott.
We look forward “to rapidly completing the Inamed acquisition so we can initiate our integration plan,” he said.
