Revance Regains Rights to Its Botulinum Toxins

Revance Therapeutics, Inc. announced a settlement and termination agreement for its contractual relationships with Medicis Pharmaceutical Corporation concerning RT001 Botulinum Toxin Type A Topical Gel and RT002 Injectable Botulinum Toxin Type A. As a result, all worldwide rights to develop and commercialize both products across all indications will be returned to Revance. Under the terms of the agreement, Revance will make an upfront payment to Medicis of $7 million and up to an additional $18 million based on certain events. In return, the RT001 Option Agreement and related agreements, and the 2009 RT002 License Agreement will be terminated in their entirety. Medicis will retain its current equity ownership in Revance. Additional terms of the agreement were not disclosed.