Allergan acquires LiRIS® program from TARIS Biomedical for $587.5 million
Clients Allergan, Inc.
Jones Day advised Allergan Inc. in the acquisition of LiRIS Biomedical, Inc. (formerly known as Taris Biomedical Inc.) and a license to the worldwide rights to TARIS Biomedical's® lead program, LiRIS®, for the treatment of interstitial cystitis / bladder pain syndrome. Allergan paid $67.5 million in cash upfront, subject to adjustments and holdbacks, and also agreed to pay up to an aggregate of $295 million in development milestone payments and up to an aggregate of $225 million in commercial milestone payments. Prior to the closing of the transaction, LiRIS spun out certain assets relating to its platform technology to a new company funded by TARIS shareholders, and such new company granted a license to LiRIS under all IP-related to the lead program.