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Allergan, Medytox complete licensing agreement

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Allergan has closed a license agreement with Medytox for its neurotoxin product candidates, according to a press release.

Allergan will pay Medytox an upfront cash payment of $65 million in exchange for worldwide exclusive rights, outside of Korea, to develop and commercialize certain neurotoxin product candidates currently in development, including a potential liquid-injectable product, the release said.

Allergan will also make additional contingent payments, including up to $116.5 million upon achieving certain development milestones, up to $180.5 million upon achieving certain commercialization milestones, as well as royalties on product sales, according to the release.