Allergan has bought the rights to develop and commercialize MEDI2070, according to Zacks.
MEDI2070 is an experimental Crohn's disease and ulcerative colitis drug developed by the London-based pharmaceutical company AstraZeneca.
Here's what you need to know:
1. Allergan paid $250 million upfront during this transaction.
2. Allergan has agreed to pay AstraZeneca additional payments of up to $1.27 billion, should the drug hit certain product development and sales milestones.
3. MEDI2070 is in a phase IIb study concerning Crohn's disease treatment. The drug is also ready to begin phase II trials for ulcerative colitis treatment.