Allergan To Pay Map Pharma $60 Million To Co-Promote Levadex
January 31 2011 - 09:09AM
Dow Jones News
Allergan Inc. (AGN) has agreed to pay Map Pharmaceuticals Inc.
(MAPP) $60 million under a collaboration deal involving the
latter's Levadex migraine drug.
Map plans to file for approval of the treatment in the first
half of this year. Levadex is an inhaled version of a drug
administered for decades in emergency rooms and doctors' offices
through an intravenous line.
The pair plan to take advantage of Allergan's existing sales
force dedicated to headache specialists. Last year, Allergan's
Botox--used for medical purposes as well as for fighting
wrinkles--was approved for marketing in the U.S. to treat
migraines.
Allergan agreed to pay Map up to an additional $97 million for
reaching regulatory milestones associated with the initial
indication. The companies will jointly develop Levadex for
additional indications.
Allergan closed Friday at $69.08 while Map finished at $15.50.
Neither was active premarket.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com
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