By Chelsey Dulaney
Allergan PLC said Tuesday that it has reached a deal to buy the
exclusive world-wide rights to two of Merck & Co.'s
experimental migraine drugs for an upfront payment of $250
million.
Merck also could receive milestone and royalty payments based on
the commercialization of the two calcitonin gene-related peptide
receptor antagonists, which are being developed for treatment and
prevention of migraines.
Dublin-based Allergan expects to begin a late-stage study for
one of the oral drugs in 2016, while the company expects to begin a
mid-stage study for the other next year.
Allergan has been bulking up its portfolio through a string of
deals recently.
On Monday, Allergan said it struck a deal to buy Oculeve, a
maker of experimental dry-eye disease treatments, for an unpfront
payment of $125 million in cash.
That follows the Botox maker's deal last month to buy Kythera
Biopharmaceuticals Inc. and its newly approved double-chin
treatment in a $2.1 billion deal that aims to plump up its lineup
of cosmetic medicines.
Write to Chelsey Dulaney at chelsey.dulaney@wsj.com
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