Allergan Licenses Rights to Medytox Candidates, in Up-to-$362M Deal
In a deal that could net Medytox up to $362 million, the Seoul-based company will license to Allergan exclusive global rights outside Korea to develop and commercialize unspecified neurotoxin product candidates now in development phases, including a potential liquid-injectable product, the companies said today.
In return for the license, Allergan will pay Medytox $65 million up front, up to $116.6 million in potential payments tied to undisclosed development milestones, and another up to $180.5 million in potential payments tied to undisclosed commercialization milestones, plus royalties on product sales.
According to its website, Medytox plans to grow into the global leader in the botulinum toxin pharmaceutical market by entering North America and the European Union markets during 2014.
Under the names Neuronox® and Siax®, Medytox markets botulinum toxin, a neurotoxin produced by Clostridium botulinum, with cosmetic uses in reduction of facial wrinkles as well as medical indications for relaxation of muscle spasms caused by blepharospasm, cerebral palsy and other disorders. Neuronox is sold in about 40 countries to users seeking either therapeutic or aesthetic treatments.
Allergan markets the prescription drug Botox® (onabotulinumtoxinA), now approved in some 85 countries for 25 different indications to help patients worldwide suffering from serious or debilitating conditions. In the United States, approved therapeutic indications include blepharospasm, cervical dystonia, chronic migraine, severe primary axillary hyperhidrosis, strabismus, upper limb spacticity, and urinary incontinence.
A related prescription product, Botox Cosmetic, is approved for injection into muscles to temporarily improve the look of moderate to severe frown lines between the eyebrows (glabellar lines) in adults younger than 65 years of age. Earlier this month, Allergan won FDA approval to market Botox Cosmetic for an additional indication to temporarily treat moderate to severe lateral canthal or "crow's feet" lines.
Botox is among pharmaceuticals, biologics, medical devices, and over-the-counter consumer products marketed by Allergan, whose specialties include eye care, neurosciences, medical aesthetics, medical dermatology, breast aesthetics, obesity intervention, and urologics.