Multi-specialty health care company Allergan has entered into a definitive agreement with SkinMedica, a US-based skin care products manufacturer, to acquire its topical aesthetics skin care business for $350m.

Allergan said under the terms of the agreement, it will acquire the rights of SkinMedica’s ‘physician dispensed’ non-prescription aesthetic skin care products and prescription products.

The firm will also pay SkinMedica an additional $25m contingent upon the acquired products achieving a specific level of net sales.

The acquisition, which is expected to close later in 2012, does not cover the SkinMedica Colorescience aesthetic make-up line.

Allergan chief executive officer, board chairman and president David Pyott said the firm’s acquisition of SkinMedica will complement its existing facial aesthetics business, which includes products such as BOTOX Cosmetic, JUVEDERM, and LATISSE, and will enable it to become a major in the growing ‘physician dispensed’ topical aesthetics skin care category.

"Most importantly, the acquisition will allow us to expand our product portfolio to better meet the needs of our existing base of physician customers and their patients," Pyott added.

Allergan said following the acquisition, it plans to operate SkinMedica as a separate global entity and will exploit a number of its existing preferred customer programmes with the SkinMedica product line, with an aim to provide additional benefits to physicians and patients.

The firm said the topical aesthetics sales force and the SkinMedica sales force will continue to represent their respective product lines over the near term.

According to the firm, once the deal is completed, the SkinMedica sales force will also work for for the line of products including the SkinMedica TNS product line, Allergan’s VIVITÉ product line and LATISSE, the one and only FDA approved product to treat inadequate or not enough eye lashes.