Pharma BD Deal Intelligence

Allergan plc / MAP Pharmaceuticals Inc.

2013 · Acquisition/Merger · $958M · Complete

Allergan's ~$958M all-cash acquisition of MAP Pharmaceuticals was a bet entirely on Levadex, an inhaled migraine drug the FDA rejected three times, including once as "Semprana." The drug was never approved or launched under Allergan or any successor, making the deal a bust.

WRONG BY 32 POINTS
Full analysis, sources & comparables →

The coverage arc

Jan 23, 2013 GEN (Genetic Engineering & Biotechnology News) Bullish

GEN positioned the deal positively as expanding Allergan's neurology depth, complementing Botox chronic migraine with an acute-migraine asset and adding MAP's…

Apr 15, 2013 Drugs.com Bearish

Drugs.com chronicled Levadex's regulatory history — original March 2012 CRL, January 2013 Allergan acquisition, April 2013 second CRL — undercutting the…

Apr 16, 2013 Medscape Bearish

Medscape reported Levadex received a Complete Response Letter from FDA in April 2013 citing CMC and third-party manufacturer inspection issues — the second…

Source summaries from our enrichment pipeline; follow links for originals.

All 5 sources with sentiment breakdown →

Allergan to acquire MAP at $25/share (~$958M, 60% premium) to expand neurology/migraine franchise via Levadex orally inhaled DHE; cash tender + back-end merger.

Did it work? Outcome assessment

Strategic verdict
Failed to Achieve
Financial impact
Impaired/Written Down
MAP was absorbed into Allergan but its sole material asset, Levadex/Semprana, never reached the market. The $958M was paid almost entirely for this single inhaled migraine candidate, which absorbed repeated FDA rejections without generating revenue, strongly implying impairment of the acquired intangible. (Specific impairment figure not located in a 10-K note this session - directional judgment based on the asset never launching.)
Pipeline outcome
Assets Terminated
Levadex (later Semprana), an orally inhaled dihydroergotamine for acute migraine, drew multiple FDA Complete Response Letters (2012 and June 2014, plus a third rejection) over canister filling content-uniformity and device-actuation/manufacturing issues - never safety or efficacy. The drug was never approved or launched and effectively stalled out by the five-year mark.

Key facts

Disease & market context

Acute Migraine in Adults

Disease Overview

Migraine is a recurrent neurovascular headache disorder marked by throbbing pain, photophobia, phonophobia, nausea, and sometimes aura. It affects roughly 30 million Americans, disproportionately women, and ranks among the leading causes of disability worldwide. Acute therapy targets fast pain relief and elimination of associated symptoms, complemented by preventive therapy for high-frequency or chronic migraine.

Competitive Landscape

In early 2013 acute migraine therapy was anchored by oral triptans (sumatriptan / Imitrex, rizatriptan / Maxalt, and follow-ons), with limited differentiation as most had gone generic. For triptan-refractory patients or those needing fast non-oral delivery, Valeant's Migranal (DHE nasal spray) and injectable DHE were the main alternatives. Levadex (orally inhaled dihydroergotamine) was MAP Pharmaceuticals' lead asset — a reformulated DHE designed for fast pulmonary absorption with lower nausea than IV/IM DHE. The pivotal FREEDOM-301 trial met all four primary endpoints. Allergan and MAP had a January 2011 co-promotion deal ($60M upfront + up to $97M in milestones) for neurology/pain physicians; the January 2013 acquisition at $25/share (60% premium, ~$958M) consolidated full economics ahead of the April 15, 2013 PDUFA date. The deal also gave Allergan inhalation platform IP. Levadex was ultimately rejected by FDA in March 2012 on CMC issues, then again in April 2013 (Complete Response Letter on CMC and third-party manufacturing inspection observations) — no clinical safety/efficacy concerns. The franchise was eventually shelved, and CGRP-targeted classes (Aimovig, Ubrelvy, Nurtec) and STS101 nasal-powder DHE later reshaped the migraine market. Source: https://www.genengnews.com/news/allergan-grows-migraine-portfolio-with-958m-map-purchase/

Related deals — scored

DealYearValueOutcome
Allergan plc / MAP Pharmaceuticals Inc. (this deal)2013$958M18
Allergan plc / Merck & Co., Inc. (CGRP receptor antagonist program)2015$250M91
Allergan plc / SkinMedica, Inc.2012$375M55
Allergan plc / Inamed Corporation2005$3.2B50
Allergan plc / Oculeve, Inc.2015$250M33
Allergan plc / Zeltiq Aesthetics, Inc.2017$2.5B32
Allergan plc / Kythera Biopharmaceuticals, Inc.2015$2.1B23

Compare all 7 side-by-side →

See the full interactive analysis, sources & comparables →