Revance Therapeutics, Inc. on Monday announced a settlement and termination agreement for its contractual relationships with Medicis Pharmaceutical Corp. (MRX) concerning RT001 Botulinum Toxin Type A Topical Gel and RT002 Injectable Botulinum Toxin Type A.
As part of the settlement, worldwide rights to develop and commercialize both products across all indications will be returned to Revance. The agreement will also resolve the outstanding litigation between the companies.
As per the agreement, Revance will make an upfront payment to Medicis of $7 million and up to an additional $18 million based on certain events.
In return, the RT001 Option Agreement and related agreements, and the 2009 RT002 License Agreement will be terminated entirely. Medicis will retain its current equity ownership in Revance. Additional terms of the agreement were not disclosed.
Revance will move forward with the Phase 3 program for RT001 in the lead aesthetic indication and initiate the Phase 1/2 program for RT002.
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