UPDATE 1-Allergan to pay $350 mln for SkinMedica skin products co.

Fri Nov 16, 2012 10:01am EST

* Deal will give Allergan prescription, non-prescription products

* SkinMedica line includes Vaniqa facial-hair drug for women

* Allergan shares rise 1 percent

Nov 16 (Reuters) - Allergan Inc, maker of anti-wrinkle drug Botox, on Friday said it would pay $350 million to acquire privately held SkinMedica Inc and its array of topical products to improve the appearance of the skin.

Allergan, whose facial aesthetics business includes the widely used Juvederm facial filler, said it intends to complete the purchase this year and operate SkinMedica as a separate business.

Allergan said it would also pay SkinMedica an additional $25 million contingent on the acquired products hitting sales targets. The deal does not include SkinMedica's Colorescience aesthetic make-up line, Allergan said.

SkinMedica sells both prescription and non-prescription products. Its primary prescription product is Vaniqa cream, the only U.S. approved prescription product for reduction of unwanted facial hair in women.

Allergan shares rose 1 percent to $88.84 in morning trading on the New York Stock Exhhange, amid slight declines for the broad stock market.