Double chins may not be big business yet but Allergen PLC -- which makes Botox -- is betting they soon will be. Our chins aren't getting any younger, after all.
Allergen is paying about $2.1 billion for Kythera Biopharmaceuticals Inc., which recently won FDA approval for Kybella, an injection that supposedly promises to end the double chin epidemic now sweeping the nation.
It's expected the drug will bring in at least $500 million in domestic sales, as Americans seek to end the droopy chin problem.
"The acquisition of Kythera is a strategic investment that strengthens our leading global position in aesthetics and continues to position us for long-term growth," said Brent Saunders, CEO and President of Allergan. "Kybella is an exciting new product that offers patients the first and only clinically-proven, non-surgical treatment for submental fullness (excess fat under the chin)."
Saunders said the acquisition will offer consumers "new options beyond traditional facial aesthetics."
Gender issues
There's also a gender play going on here. Most Botox users are women but Saunders, though not mentioning Sen. Mitch McConnell by name, said that Kybella will be "a pivotal entry point for expanding the use of facial aesthetic products in men."
It just so happens that Kythera is also working on a program to fight hair loss in men, which Saunders said could "drive additional long-term value."
Chin fat only, please
While green-lighting Kybella for chin-up purposes, the FDA cautioned that it shouldn't be used elsewhere.
"It is important to remember that Kybella is only approved for the treatment of fat occurring below the chin, and it is not known if Kybella is safe or effective for treatment outside of this area," Amy Egan, deputy director of the Office of Drug Evaluation III at the FDA, said in a statement in April.
Egan warned that the drug should only be administered by a licensed medical professional.
Kybella can cause serious side effects, including nerve injury in the jaw that can cause an uneven smile or facial muscle weakness, and trouble swallowing, the FDA said. The most common side effects of Kybella include swelling, bruising, pain, numbness, redness and areas of hardness in the treatment area.
How they voted
Yes
Yes