Allergan PLC has acquired Chase Pharmaceuticals, a clinical-stage biopharmaceutical company that focuses on drugs for Alzheimer’s disease. The acquisition price includes an upfront payment of $125 million, with additional regulatory and sales milestones part of the deal.

“Allergan is exactly the right partner to have,” said Douglas Ingram, chief executive of Chase and a former president of Allergan. “They have a first-in-class Alzheimer’s development team ... and the only branded Alzheimer’s drug on the market.”

Chase’s lead drug candidate CPC-201 will go into third-phase clinical trials in 2017.

Allergan is based in Dublin, Ireland, with U.S. operations centered in Parsippany, N.J. Its drug Namenda is approved for the treatment of moderate to severe Alzheimer’s disease.

The company maintains an eye care and aesthetics hub at its campus Irvine.

Chase is based in Irvine and has an office in Washington D.C.