Allergan, Molecular Partners in two deals

Allergan Inc. (NYSE:AGN) and Molecular Partners AG (Schlieren, Switzerland) announced two ophthalmic deals for Molecular Partners' designed ankyrin repeat proteins (DARPins). Molecular Partners will receive $62.5 million up front from the deals and is eligible for up to $1.4 billion in milestones, plus tiered royalties up into the low double-digits. Under the first deal, Allergan gains exclusive, worldwide rights to MP0260, which is in preclinical development for wet age-related macular degeneration (AMD) and related conditions. The partners will collaborate on development through human proof of concept (POC), at which point Molecular Partners has the option to co-fund Allergan's further development costs in exchange for an increase in royalties. MP0260 is a DARPin that inhibits platelet derived growth factor B ( PDGFB; PDF2) and vascular endothelial growth factor A (VEGF-A).

In the second deal, the partners will design and develop DARPins against undisclosed targets for serious ophthalmic diseases. During the research phase, Allergan has three options to exclusively license products for further development and commercialization in ophthalmology. Molecular Partners will receive a fee for each option exercised. Allergan declined to provide details, while Molecular Partners could not be reached. Allergan was up $0.97 to $86.57 on Tuesday. ...