Allergan (www.allergan.com) has entered into an exclusive licensing agreement with Korean pharmaceutical company Medytox to develop and, if approved, commercialize certain neurotoxin product candidates currently in development, including a potential liquid-injectable product. Upon closing, Allergan will pay Medytox an upfront payment of U.S. $65 million and Medytox will grant Allergan exclusive rights, worldwide outside of Korea. Pursuant to the agreement, Allergan has also agreed to make additional contingent payments, including up to an aggregate of U.S. $116.5 million upon achieving certain development milestones, up to an aggregate of U.S. $180.5 million upon achieving certain commercialization milestones, and royalties on product sales. The closing of the transaction is contingent on obtaining certain government approvals.
Allergan Gains Exclusive Rights to Korean Neurotoxin
Sep 27th, 2013
