Allergan, Inc. and Medytox, Inc. Close License Agreement
January 10, 2014 at 01:28 pm IST
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Allergan Inc., and Medytox Inc. announced that they have closed the license agreement. The companies said that under the terms of the agreement, Allergan will pay Medytox an upfront cash payment of $65 million within seven business days of closing and Medytox has granted 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 $116.5 million upon achieving certain development milestones, up to an aggregate of $180.5 million upon achieving certain commercialization milestones and royalties on product sales.
Medy Tox Inc is a Korea-based company engaged in the development, manufacture and marketing of biopharmaceuticals. The Companyâs main product is type A botulium toxin biopharmaceuticals which are used as remedies for blepharospasms, hemifacial spasms, eye wrinkles, hyperhidrosis diseases and infantile cerebral palsy. Its products are also used in chin plastic surgeries. The Company provides its products under the brand names of Medytoxin, Neurox, Siax, and Neuramis. In addition, the Company develops and sells medical devices such as injectors under the brand names of Neurajet, Neurafen and others. The Company also engages in technology transfer. The Company distributes its products in domestic and overseas markets such as Japan, China, Russia and Europe.