Irish drug maker Allergan has agreed to acquire US-based clinical-stage biotech company Bonti in a deal worth more than $195m.
Bonti is focused on developing fast-acting neurotoxin programs intended to be used in aesthetic and therapeutic applications.
According to the acquisition terms, the Irish drug maker will make an upfront payment of $195m to the US biotech company followed by additional commercial milestone-related payments in the future.
Upon completion of the acquisition, Allergan gains global rights to a pipeline made up of two botulinum neurotoxin serotype E (BoNT/E) programs.
The two programs included in the deal are the aesthetic candidate EB-001A and the therapeutic candidate EB-001T, which are currently in phase 2 development.
Bonti CEO and co-founder Fauad Hasan said: “We’re excited about the development and commercial prospects for our novel programs within Allergan’s leading Medical Aesthetics portfolio.
“The promise of benefiting more consumers worldwide with our novel neurotoxin programs plus Allergan’s stature and resources in this market will help realize our team’s and investors’ aims. We could not envision a more compelling acquirer or better strategic fit.”
The active ingredient in both the BoNT/E programs of the US biotech company is EB-001. According to Allergan, EB-001 is a botulinum neurotoxin serotype E (BoNT/E) with a unique clinical profile, which is characterized by a rapid onset of action inside 24 hours and a two to four-week duration of effect.
Allergan chairman and CEO Brent Saunders said: “The acquisition of Bonti is a strategic investment for the future of our Medical Aesthetics business and has the potential to enhance our best-in-class Medical Aesthetics pipeline.
“With the Medical Aesthetics market vastly expanding, a fast-acting neurotoxin with a 2 to 4-week duration will be an attractive option for consumers, particularly those who are considering a Medical Aesthetics treatment for the first time.”
Recently, Bonti released topline results of the first clinical trial of EB-001 in glabellar frown lines. The trial demonstrated safety and also efficacy of the differentiated profile.