Medicis Pharmaceutical and Revance Therapeutics have come up with a deal to resolve an apparently bitter development dispute. RTT News reports that Revance will get back the rights licensed to Medicis--recently sold to Valeant ($VRX)--on two next-gen botox therapies in exchange for $7 million in cash and $18 million in milestones. Medicis keeps its equity in Revance and the two companies will drop litigation.
The pact clears the way for Revance to push ahead with a late-stage study of RT-001, a treatment for crow's feet and launch a Phase I/II for RT-002. Other elements of the settlement were not disclosed.
Three years ago Medicis ponied up $10 million and promised up to $94 million more to complete a licensing pact on RT-002. Investigators were working on what they believe is a superior delivery technology for the injectable neurotoxin that would level out wrinkles for a longer period of time, making it potentially superior to botox.
Last summer Revance announced that it had raised $45 million in venture cash from Essex Woodlands Health Ventures, NovaQuest Capital, CNF Investments, Vivo Ventures, Technology Partners, Shepherd Ventures, Palo Alto Investors, Pac-Link Ventures and Essex Capital Corporation.
- here's the story from RTT News