Allergan signs $50 million licensing deal for Mimetogen Pharma's dry eye treatment

Allergan (NYSE: AGN) on Wednesday said  it has via its unit entered into an exclusive licensing agreement with Mimetogen Pharmaceuticals, a clinical stage biotechnology company, to develop and market tavilermide (MIM-D3) to treat dry eye disease.

Under the terms of the deal, Allergan will make an upfront payment of $50 million to Mimetogen and will fund phase III development of tavilermide. Mimetogen will additionally be entitled to receive potential milestone payments and royalties based on commercialization of the product.

David Nicholson, president, Global Brands R&D at Allergan, said: "Tavilermide brings a novel approach to treating the signs and symptoms of dry eye disease by enhancing the ocular tear film. If approved, tavilermide would provide another exciting new treatment option for patients suffering with dry eye and further strengthen our dry eye portfolio and pipeline."