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Allergan enters into licensing agreement with Medytox

Allergan recently announced it has agreed to a licensing deal with a South Korean research-based bio pharmaceutical company that will pay Medytox an upfront closing fee of $65 million.

In exchange, Medytox will grant Allergan exclusive worldwide rights, outside of South Korea, to develop and commercialize neurotoxin candidates currently in development, including a potential liquid-injectable product, if approved.

Allergan has agreed to make additional payments, including up to an aggregate of $116.5 million upon attaining specific “development milestones,” and up to an aggregate of $180.5 million based on commercialization milestones and sales royalties, according to a press release. The transaction is contingent on government approvals.

Established in 2000, Medytox developed a botulinum toxin product for the first time in South Korea, according to the release. Its main product is sold in about 40 countries for therapeutic and aesthetic treatments.