The acquisition is part of an effort to strengthen Allergan’s skin care division, according to the report.
The purchasing price values Vitae at $21 a share, compared with the company’s closing price of $8.10 per share on Tuesday, according to the report. Shares of Vitae spiked to $20.93 in premarket trading Wednesday, and Allergan shares rose 0.8 percent.
Under the deal, Allergan will acquire a drug currently in mid-stage trials that is designed to treat psoriasis, a disease that causes itchy dry skin patches, and other autoimmune disorders, according to the report.
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