By 2014, Medytox, according to its website, is "set to become the global leader in the botulinum toxin market," a market that Allergan pioneered with its product Botox.
Under the terms of the deal, Allergan will deliver an upfront payment to Medytox of $65 million, in exchange for worldwide (excluding Korea) rights to develop and market specific neurotoxin products, including one which is liquid injectable. Allergan will pay Medytox up to an additional $116.5 million for achieving certain development milestones as well as an additional $180.5 million for achieving certain commercialization milestones, and royalties on product sales.
Government approvals are required before the deal can close.
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