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Allergan acquires worldwide rights of LiRIS program from TARIS Biomedical

Allergan has closed a transaction to acquire worldwide rights to TARIS Biomedical’s (TARIS) lead program, LiRIS, being evaluate in Phase II trials to treat interstitial cystitis / bladder pain syndrome (IC/BPS).

Under the deal, Allergan paid $67.5m in cash upfront, subject to certain adjustments and holdbacks, and has also agreed to pay up to an aggregate of $295m in development milestone payments and up to an aggregate of $225m in commercial milestone payments.

Before closing of the transaction, TARIS spun out certain assets, including pipeline programs and intellectual property related to TARIS’ platform technology, to a new company funded by TARIS shareholders.

Allergan chairman of the Board and chief executive officer David Pyott said the company’s work to develop BOTOX (onabotulinumtoxinA) as a second-line treatment for overactive bladder (OAB) has made a significant difference for patients who suffer from this chronic condition.

"The acquisition of LiRIS is an important addition to our growing urology pipeline and, if approved, will provide a local treatment for interstitial cystitis / bladder pain syndrome, which is a debilitating bladder condition," Pyott said.

TARIS president and CEO Purnanand Sarma said the transaction is a win for patients, for its shareholders and employees, and for the future potential of our core delivery technologies.

"Allergan is an ideal partner for advancing LiRIS because of its team’s expertise in drug delivery technologies, specialty product development and commercialization in the urology market," Sarma said.

"We are confident that Allergan will enable LiRIS to reach patients who do not have effective options that adequately address their disease.

"Building on the success of LiRIS so far, we will now be able to focus our efforts on developing a rich pipeline of applications of our technology, including new treatments for bladder cancer and other areas of unmet need in urology."