- Allergan (NYSE:AGN +1.1%) acquires the worldwide rights to Taris Biomedicals' lead program, LIRIS, currently in Phase 2 clinical trials for the treatment of interstitial cystitis/bladder pain syndrome. LIRIS' value proposition is the ability to continuously deliver lidocaine to the bladder over an extended period. It accomplishes this by incorporating three proven drug delivery strategies: osmotic delivery, shape memory technology and implant retention.
- Under the terms of the agreement, Allergan will pay Taris $67.5M in cash upfront and up to $295M in development milestone payments and up to $225M in commercial milestone payments.