MAPP Map Pharmaceuticals, Inc. (MM)

Allergan Inc. (AGN) would consider an expanded agreement with Map Pharmaceuticals Inc. (MAPP) to help Map sell its migraine treatment Levadex to a broader market, Allergan's chief executive said Wednesday.

Allergan on Monday said it agreed to pay Map up to $157 million to jointly promote Levadex to U.S. specialists, and then share profits. The deal focuses on U.S. neurologists and pain specialists and doesn't cover sales to U.S. primary-care doctors or international sales.

Map indicated it could still look for partners to reach those markets for the drug, which is still experimental and requires regulatory approval. Asked Wednesday if Allergan could get involved more deeply, Chief Executive David E.I. Pyott said "absolutely."

The key for Allergan may be expanding its own reach with top product Botox, which won Food and Drug Administration approval last year for treatment of frequent, chronic migraines. The company, which also has U.K. approval, is targeting specialists but researching the market for primary-care physicians, Pyott said. It's also seeking broader international approval.

"We like to do things in stages, step by step," Pyott said in an interview. "The next steps for us of course is getting Botox for migraines approved all over the world."

The Map product uses an inhaler to deliver an existing migraine drug when needed for at-home treatment. The company plans to file a U.S. application in the first half this year. Levadex is targeted at less frequent migraine headaches, which differs from the Botox market for frequent cases.

Allergan shares recently traded down 0.6% to $70.89. The Botox maker issued an earnings estimate for the year that is lower than what Wall Street had forecast.

-By Jon Kamp, Dow Jones Newswires; 617-654-6728; jon.kamp@dowjones.com

Map Pharmaceuticals, Inc. (MM) (NASDAQ:MAPP)
Historical Stock Chart
From Mar 2024 to Apr 2024

Map Pharmaceuticals, Inc. (MM) (NASDAQ:MAPP)
Historical Stock Chart
From Apr 2023 to Apr 2024