DUBLIN and BOSTON—Allergan plc (NYSE: AGN) announced Friday that it has acquired 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.

"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."

Murat Kalayoglu, MD, PhD, Topokine's chief executive officer and a board-certified ophthalmologist, commented, "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."