Allergan ($AGN) says it is mulling potential buyers for its obesity intervention unit and is on track to sell the division by mid-2013.
The California company's update, issued as part of its 2013 first-quarter earnings report, affirms that it remains on track with its goal to ink a sale of the division by June. Allergan first disclosed its plans in February.
"Allergan has begun to consider offers for the sale of that business unit and currently expects to execute a signed agreement by the middle of 2013," the company said.
Such a sale would include Allergan's famed Lap-Band anti-obesity device and the company's Orbera intragastric balloon system, which have faced slumping revenue. Allergan also endured a setback last year in trying to get Lap-Band approved for teen use and has dealt with increased concerns about the device's overall safety and effectiveness.
Bloomberg noted that the obesity unit peaked in revenue in 2009 with $296 million in annual revenue. That dropped to $159.5 million in 2012. And Allergan has said goodbye even before it sells the division off. It is now counted as "discontinued operations" in the company's financials.
Allergan's device presence will continue, however, in areas such as breast implants. Among its first-quarter achievements: The company touts the February 2013 FDA approval of its Natrelle 410 breast implants and expects sales of breast aesthetics to reach between $390 million and $420 million in 2013.
- read Allergan's full earnings release