Allergan acquires LiRIS programme from Taris Holdings LLC

Allergan Inc. and TARIS Holdings LLC announced that Allergan 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.