Allergan has closed a transaction to acquire worldwide rights to TARIS Biomedical’s® lead program, LiRIS®, which is currently in Phase 2 trials for the treatment of interstitial cystitis/bladder pain syndrome (IC/BPS). Allergan paid $67.5 million in cash upfront, subject to certain adjustments and holdbacks. Allergan has also agreed to pay up to an aggregate of $295 million in development milestone payments and up to an aggregate of $225 million in commercial milestone payments. Prior to the closing of this 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 has a longstanding history of delivering stockholder value by developing innovative medical treatments that address unmet medical needs,” said David E.I. Pyott, Chairman of the Board and Chief Executive Officer, Allergan. “Our 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.”

“This transaction is a win for patients, for our shareholders and employees, and for the future potential of our core delivery technologies,” said Purnanand Sarma, Ph.D., President and CEO of TARIS. “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. 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.”