Allergan Inc. has closed a transaction to acquire worldwide rights to TARIS Biomedical’s lead program, LiRIS, which is currently in Phase II 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.

LiRIS incorporates proprietary technology developed by TARIS designed to continuously deliver lidocaine over an extended period directly to the bladder of patients with IC/BPS. TARIS Biomedical is a clinical-stage biopharmaceutical company based in Lexington, Massachusetts.

Separately, Allergan has received a request from the US Federal Trade Commission for additional information under the Hart-Scott-Rodino Act in connection with Valeant Pharmaceuticals International, Inc.’s unsolicited acquisition proposal of Allergan. Valeant also acknowledged a similar request.

Valeant’s most recent effort to acquire Allergan was an unsolicited takeover bid in June 2014 following earlier proposals to acquire Allergan, deals that Allergan has thus far rejected. Pershing Square Capital Management, which owns approximately 9.7% of Allergan and supports the takeover, is seeking to call a special meeting to consider the takeover bid.  

Source: Allergan ​