Allergan acquires LiRIS program from TARIS Biomedical

US drugmaker Allergan (NYSE: AGN) has closed a transaction to acquire worldwide rights to privately-held TARIS Biomedical’s lead program, LiRIS, which is currently in Phase II trials for the treatment of interstitial cystitis/bladder pain syndrome (IC/BPS).

Allergan paid $67.5 million in cash up front, subject to certain adjustments and holdbacks. Allergan has also agreed to pay up to an aggregate of $295 million in development milestone payments and up to an aggregate of $225 million in commercial milestone payments. Prior to the closing of this transaction, TARIS spun out certain assets, including pipeline programs and intellectual property related to TARIS’ platform technology, to a new company funded by TARIS shareholders.

“Allergan has a longstanding history of delivering stockholder value by developing innovative medical treatments that address unmet medical needs,” said David Pyott, chairman and chief executive of Allergan.