Allergan (AGN) Licenceses RTGel Rights from UroGen Pharma
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UroGen Pharma, a privately-held, clinical-stage biotechnology company, announced today that it has completed an agreement to license worldwide rights to UroGen’s RTGelTM delivery system technology for use with neurotoxins to Allergan plc. (NYSE: AGN)
RTGel™ has thermo-sensitive properties that enable it to convert from a liquid state when cold, into a gel once it reaches body temperature. This allows increased residence time of drugs when mixed with the gel and instilled in the bladder. Allergan has agreed to make an upfront payment of $17.5 million, as well as potential development and commercial milestones and royalties on net sales.
Ron Bentsur, CEO of UroGen Pharma, said, “We are excited about this licensing deal. We believe that Allergan is the ideal partner for the RTGel™ technology. Under Allergan’s robust BOTOX and uro-neurological development and commercial expertise, RTGel™ has the potential to become an important innovation for patients suffering from OAB and related conditions." Mr. Bentsur continued, "We are proud of the accomplishments of our team at UroGen and believe that this deal is a testament to our in-house research and drug development capabilities.”
Arie Belldegrun, M.D., Chairman of the Board of Directors of UroGen Pharma, added, “This important collaboration with Allergan, a world leading pharmaceutical company, highlights UroGen’s commitment to discover and develop new therapies for urological diseases with unmet clinical needs. We remain excited about our ongoing pipeline, including the upcoming uro-oncology phase III clinical trial of MitoGel for the treatment of upper tract urothelial carcinoma.”
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