Allergan Acquires Topokine
Allergan Acquires Topokine
Therapeutics, a privately held, clinical-stage biotechnology company focused on developing topical medicines for fat reduction. Under the terms of the agreement, Allergan acquired Topokine Therapeutics for an upfront payment of $85 million and success-based development and sales milestones for XAF5, a first-in-class topical agent in late-stage development for the treatment of steatoblepharon, also known as undereye bags.
Applied to the lower eyelids once nightly, XAF5 penetrates the skin and acts pharmacologically on fat cells to shrink undereye bags. An estimated 40 million Americans have steatoblepharon,i which can make the face look older, tired, stressed or sad. In XOPH5-OINT-2, a Phase 2 randomized, placebo-controlled clinical trial, XAF5 met the primary endpoint achieving statistically significant and clinically meaningful reductions in undereye bags. In January 2016 Topokine initiated XOPH5-OINT-3, a pivotal Phase 2b/3 study of XAF5.
"The acquisition of Topokine and its XAF5 technology adds an innovative technology to Allergan's industry leading mid-to-late stage pipeline of more than 70 programs and bolsters our leadership in medical aesthetics," said David Nicholson, Executive Vice President and President, Global Brands Research & Development at Allergan. "XAF5 has the potential to be the first topical fat reduction product for the treatment of steatoblepharon, a condition with no current therapeutic options available for patients. We look forward to continuing the outstanding development work conducted by the Topokine team to bring this innovative medical aesthetic treatment to market."
"Allergan is a leader in medical and facial aesthetics, with unparalleled commercial and development expertise in the medical aesthetics community and a laser-focus on innovation. These characteristics make Allergan ideally suited to continue the successful development and maximize the potential commercialization of XAF5," said Murat Kalayoglu, MD, PhD, Topokine's Chief Executive Officer and a board-certified ophthalmologist. "I am deeply appreciative of the commitment and dedication of our Topokine team that has championed the discovery and development of XAF5. We look forward to working with Allergan to ensure continued development success for XAF5 and realize a successful launch of the product."
"Physicians and their patients have been seeking an FDA-approved, non-invasive treatment option to address undereye bags where current treatment options are limited," said Jeffrey Dover, MD, FRCPC, a board-certified dermatologist and director of SkinCare Physicians in Chestnut Hill, MA. "Adding a topical treatment that physicians could offer to their patients would be an important step forward in the treatment of steatoblepharon."
Topokine's investors include Schooner Capital, a Boston-based private investment firm engaged in venture capital, growth equity and alternate asset investments. Leerink Partners LLC acted as financial advisor to Topokine. Covington & Burling LLPacted as legal advisor to Allergan and Foley Hoag LLP acted as legal counsel to Topokine.