Biotech Values

[DewDiligence]

AGN licenses MRK’s oral-CGRP migraine compounds for $250M + milestones/royalties:

http://finance.yahoo.com/news/allergan-enters-licensing-agreement-merck-110000927.html

Under the terms of the agreement, Allergan will acquire these rights for an upfront payment of $250 million, $125 million of which is payable upon HSR clearance and $125 million of which is payable in April of 2016. Merck will additionally be entitled to receive potential development and commercial milestone payments and tiered double-digit royalties based on commercialization of the programs. Allergan will be fully responsible for development of the CGRP programs, as well as manufacturing and commercialization upon approval and launch of the products.

… The agreement gives Allergan rights to two CGRP receptor antagonists:

• MK-1602, an oral small molecule antagonist for the acute treatment of migraines. A phase 2 study of MK-1602 has been completed and end of phase 2 discussions with FDA are planned prior to initiating phase 3. A phase 3 study is expected to begin in 2016.

• MK-8031, an oral small molecule antagonist for the prevention of migraines. A phase 2 study of MK-8031 is expected to begin in 2016.

There are several CGRP migraine compounds in development, but the ones from MRK are the only orals I'm aware of.