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Allergan Acquires Esprit Pharma For $370 Million Cash

Thursday, September 20, 2007 5:00:00 AM PDT | VentureDeal Staff

IRVINE, CA -- Pharmaceutical company Allergan (NYSE: AGN) announced a definitive agreement to acquire Esprit Pharma for $370 million in an all cash transaction.

Esprit is a niche-oriented company that recently acquired the marketing rights to SANCTURA XR, a capsule treatment for overactive bladder syndrome (OAB).  OAB is estimated to affect 33 million Americans.

Allergan said it hopes the acquisition will improve its position in the OAB market.  It is currently conducting studies to see if Botox is also an effective treatment for OAB.

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