Allergan closes $65 million deal with Medytox

This week US drugmaker Allergan (NYSE: AGN) announced that it has closed a $65 million license agreement with South Korea’s Medytox and has gained marketing authorization for botulinum toxin (botox) in the UK.

Under the terms of the agreement, which was announced in September, Allergan will pay Medytox an upfront cash payment of $65 million within seven business days of closing in return for exclusive rights, worldwide outside of Korea, to develop and, if approved, commercialize certain neurotoxin product candidates currently in development, including a potential liquid-injectable product.

Allergan has also agreed to make additional contingent payments, including up to an aggregate of $116.5 million upon achieving certain development milestones, up to $180.5 million upon achieving certain commercialization milestones, and royalties on product sales.