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Allergan PLC said today that it is acquiring the rights to a migraine drug development program from Merck & Co. for an upfront payment of $250 million plus milestone payments and tiered royalties.
Allergan has a “migraine franchise” centered on its historic bellwether drug Botox, which is part of its Irvine specialty drug hub.
Allergan is based in Parsippany, N.J., and has its on-the-books headquarters in Ireland for tax purposes, while Merck is based in Whitehouse Station, N.J.
Shares of Allergan closed flat today to a market value of $120.2 billion.