(Reuters) - U.S. specialty drugmaker Allergan Inc said late on Tuesday that it would buy MAP Pharmaceuticals Inc for about $958 million in cash, to deepen its presence in the treatment of migraines in adults.
Under the deal, Allergan will acquire 100 percent of the shares of MAP Pharmaceuticals at $25 per share, a 60 percent premium over MAP's closing stock price on the Nasdaq of $15.58 on Tuesday.
MAP Pharmaceuticals is developing Levadex, an orally inhaled drug for the acute treatment of migraines in adults. Levadex is currently under review by the U.S. Food and Drug Administration.
Allergan expects that the deal will be dilutive to 2013 earnings by about 7 cents a share and add to its earnings by the second half of 2014.
Allergan expects to fund the deal with a combination of cash on hand, cash equivalents and short-term borrowings under its commercial paper program. The transaction is not subject to any financing contingency.
(Reporting by Sakthi Prasad in Bangalore; Editing by Paul Tait and Chris Gallagher)