A new neurotoxin may soon be heading to the United States. Pharmaceutical company Mylan has entered into a global collaboration and license agreement with Revance Therapeutics for the development and commercialization of a biosimilar to Allergan’s BOTOX (onabotulinumtoxinA).
The companies plan to work together to gain regulatory approval of the product and commercialize it in the United States, Europe and other markets throughout the world. Mylan will make a $25 million upfront payment to Revance, with contingent milestone payments upon achievement of additional clinical, regulatory and sales targets, plus sales royalties in all relevant markets.
“Global neuromodulator sales today are estimated at $4 billion and forecasted to grow steadily, exceeding $7 billion by 2024. Strategically, this partnership with Mylan allows Revance to remain focused on the development and launch of our own premium, long-acting RT002 neuromodulator, while also benefitting financially from potential future milestones and sales royalties on a short-acting biosimilar to BOTOX,” said Dan Browne, president and CEO of Revance Therapeutics. “We believe Mylan is the ideal partner to co-develop, seek regulatory approval and market a biosimilar to BOTOX, due to its significant expertise in the field and its global commercial infrastructure.”
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