Building on its expertise in neurotoxins, Allergan ($AGN) has in-licensed some new product candidates in a deal with Korea's Medytox. Allergan is paying $65 million upfront, promising $116.5 million in development milestones plus another $180.5 million in sales milestones.
The release on this deal is noticeably lacking in detail. Medytox was founded back in 2000 and focuses on the development and sale of neurotoxins as its main business. Allergan is gaining worldwide rights to new drugs outside of Korea.
Just a few weeks ago Allergan won a new approval to sell Botox as a treatment for crow's feet. That was a rare bit of good news for the company, which has had to absorb the impact of new guidance from the FDA that would allow for the early entry of generic competition to its best-selling drug Restasis, the rejection of its migraine drug and the loss of patent protection in India.
- here's the press release