Allergan Inc. has announced two digit sales growth on Tuesday and said he has reached an agreement to sell its treatment of obesity failed.stomach band
Pharmaceutical and medical device company based in Irvine has agreed to sell the unit obesity Apollo Endosurgery Inc., Austin, stomach band Texas, in a case that could be worth up to $ 110 million . The unit includes the popular Lap- Band, a surgically implanted ring which limits the stomach to discourage overeating, and Orberá a gastric balloon .stomach band
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Allergan sells its Lap-Band System , photo, Texas-based Apollo Endosurgery Inc. in a transaction valued at $ 110 million .stomach band
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Lap- Band never live up to the hopes of Allergan for it. Sales fell sharply for several quarters , and was struck by the negative publicity after death.
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The company took a $ 296 million refund on the unit. You will get $ 75 million in cash, a minority stake in Apollo 15 million and up to $ 20 million if the buyer hits some sales milestones .
Allergan announced a net profit of $ 300.8 million in the third quarter, up 20 percent from a year earlier. Total sales were just under $ 1.56 billion, up 13.2 percent compared to the third quarter of 2012.
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Sales of Botox , anti -aging medicine known company, increased 12.5 percent in the 12 months ended Sept. 30 . Products for skin care increased 51.7 percent and ocular drugs 8.1 percent.
" This is the best quarter of growth that we have had since 2008 ," said David Pyott , CEO of Allergan. "It was very broad- based , more or less in every single franchise. "band stomach
