Allergan to buy adult migraine treatment drug maker MAP Pharmaceuticals for $958 mn

US multi-specialty pharmaceutical company Allergan Inc yesterday agreed to buy MAP Pharmaceuticals Inc for about $958 million in cash, in order to expand its portfolio of adult migraine treatment drugs.

Allergan, the maker of anti-wrinkle treatment drug Botox, will pay $25 per share, a 60-per cent premium over MAP's closing stock price on the Nasdaq Stock Market of $15.58 on 22 January.

Mountain View, California-based MAP Pharmaceuticals is a biopharmaceutical company focused on developing and commercialising new therapies in neurology, including Levadex, an orally inhaled drug for the potential acute treatment of migraine in adults. Levadex is currently under review with the US Food and Drug Administration (FDA).

In January 2011, Allergan entered into a collaboration agreement with MAP Pharmaceuticals to co-promote Levadex, subject to receiving regulatory approvals in the US and Canada, to neurologists and pain specialists.

In May 2011, MAP initially submitted a new drug application for Levadex to the FDA and expects the regulator to decide by 15 April.

Irvine, California-based Allergan has recently been exploring other medical uses for Botox, including for overactive bladders and for migraines.