Allergan has laid $65 million on the table for rights to develop and commercialise some of Medytox' experimental neurotoxin products.
The deal will give Allergan exclusive global rights, excluding Korea, to develop and market certain (undisclosed) neurotoxin based candidates currently in development, including a potential liquid-injectable product.
In return, Medytox will receive the $65 million upfront fee, as well as up to an aggregate of $116.5 million upon achieving certain development milestones or an aggregate of $180.5 million if commercialisation targets are hit, in addition to royalties on product sales.
Closing of the deal is contingent on obtaining certain government approvals, the firms said.
Seoul, Korea-based Medytox developed a botulinum toxin product for the first time in Korea, and engages in the development, manufacture, marketing and sales of neurotoxin products as its main business.