Allergan, Medytox Close Licensing Agreement

Allergan

and Medytox today announced that they have closed the license agreement which was previously announced on September 25, 2013. Under the terms of the agreement, Allergan will pay Medytox an upfront cash payment of U.S. $65 million within seven business days of closing and Medytox has granted Allergan 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. Pursuant to the agreement, Allergan has also agreed to make additional contingent payments, including up to an aggregate of U.S. $116.5 million upon achieving certain development milestones, up to an aggregate of U.S. $180.5 million upon achieving certain commercialization milestones, and