It’s been a busy month for Botox-maker Allergan.
On Tuesday morning the company announced that it had acquired Tobira Therapeutics, which is developing two treatments for a liver condition called NASH in a deal worth $1.65 billion.
Later that afternoon, the company announced it had also acquired Akarna Therapeutics, a private company also working on drugs to treat NASH. That deal was worth $50 million up-front.
Tobira closed Tuesday up more than 700% after the acquisition was announced.
NASH, short for nonalcoholic fatty liver disease, is a type of liver disease in which liver fat builds up in people. The disease, which has been linked to obesity and insulin resistance, can lead to cirrhosis and liver failure and affects up to 100 million Americans.
“With the increasing rates of diabetes, obesity, and other metabolic conditions in the US and in developed nations globally, NASH is set to become one of the next epidemic-level chronic diseases we face as a society,” Allergan CEO Brent Saunders said in a statement announcing the Tobira acquisition.