AsianScientist (Sep. 27, 2013) – Allergan, Inc. and Medytox, Inc. today announced that they have entered into a license agreement pursuant to which, upon closing, Allergan will pay Medytox an upfront payment of US$65 million and Medytox will grant Allergan exclusive rights, worldwide outside of Korea, to develop and, if approved, commercialize certain neurotoxin product candidates currently in development, including a potential liquid-injectable product.
Pursuant to the agreement, Allergan has also agreed to make additional contingent payments, including up to an aggregate of US$116.5 million upon achieving certain development milestones, up to an aggregate of US$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.
Established in 2000, Medytox is a biopharmaceutical company which developed a botulinum toxin product for the first time in South Korea. It engages in the development, manufacture, marketing and sales of neurotoxin products as its main business.
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Source: Allergan Inc.
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