29 Jan Allergan acquires invention of Dr. Caire & 2 others
As reported by New Orleans City Business:
Acne treatment at LSU Health New Orleans acquired by Allergan
Global pharmaceutical company Allergan is acquiring an acne treatment technology invented by faculty at LSU Health New Orleans.
Allergan is the maker of Botox. The company acquired Anterios, a clinical stage pharmaceutical company, which licensed an LSU Health-patented technology in 2008 and in which LSU Health New Orelans held equity.
In consideration for the license, LSU Health New Orleans received a mix of equity and royalties, and could receive milestone payments, according to a news release. The technology was created by Drs. Ann Tilton, Dana Suskind and Mary Caire.
Allergan has agreed to merge with Pfizer Inc., creating the biggest pharmaceutical company in the world.
The latest deal will pay Anterios $90 million up front plus potential development and commercial milestone payments.
As a former equity holder in Anterios, LSU Health New Orleans will receive a pro rata share of the upfront consideration in the Anterios transaction, plus a pro rata share of any of the contingent consideration if and when the milestones are reached, the school said.
Chancellor Larry Hollier said the acquisition marks the first time the school has received financial consideration for its equity holdings.
The technology injects botulinum toxin or applies it on the skin for the treatment and prevention of acne. It is believed to work by inhibiting sweat gland production and decreasing perspiration to prevent plugged pores and hair follicles.