Botox-maker Allergan said it would buy Kythera Biopharmaceuticals Inc in a cash-and-stock deal valued at about $2.1 billion, to expand its line of cosmetic treatments.

The offer price of $75 per share represents a premium of 23.5 per cent to Kythera’s Tuesday close.

Buying Kythera will give Allergan access to Kybella, the first and only approved non-surgical treatment to reduce fat under the chin, the companies said.

The equity value of the deal is about $1.94 billion, based on 25.8 million Kythera shares outstanding as of April 6th, according to Thomson Reuters calculations.

The deal is Allergan’s first multi-billion acquisition since it was bought by Actavis or $66 billion. Ireland-based Actavis, which announced the Allergan deal in November, adopted the Botox-maker’s name on June 15th.

Allergan said it expected the deal to begin adding to earning per share after 2016.

JP Morgan is financial adviser to Allergan and Covington & Burling is the company’s lead legal counsel. Goldman Sachs is Kythera’s financial adviser.

Reuters