Flush with Botox bucks, Allergan has struck a deal to buy Vicept Therapeutics for $75 million upfront and up to $200 million in milestones, snaring an mid-stage topical treatment for rosacea. Adding to its R&D pipeline for dermatology, Allergan gains V-101, Vicept's lead therapy, along with two early-stage programs.
Malvern, PA-based Vicept was founded back in 2009 with backing from Vivo Ventures, Fidelity Biosciences and Sofinnova Ventures. A year ago the trio of VCs invested $16 million in Vicept's Series A. They stand to come out well ahead in the buyout. Dr. Neal Walker, Vicept's president and chief executive officer and a board certified dermatologist, founded the company.
"The two Phase II studies demonstrated the clinical potential of our lead product V-101 in Type I rosacea (Erythematous Rosacea), a dermatological problem for which there currently is no approved therapy," said Dr. Neal Walker, President and CEO of Vicept. "We believe Allergan is the best company to complete the development and make the therapy available to the clinical community and their patients, fulfilling our shared mission."
- read the Allergan release
- here's the story from Reuters