Shares of Kythera Biopharmaceuticals Inc. rose more than 4 percent Tuesday after it said that it has reacquired foreign marketing rights to its chin-fat-dissolver from partner Bayer Consumer Care.
In 2010, the Calabasas aesthetic drug maker licensed the commercial rights for ATX-101 outside of the U.S. and Canada to Bayer of Basel, Switzerland, in order to raise money for clinical trials.
ATX-101 is an injectable treatment to dissolve fat under the chin. Kythera will pay Bayer $33 million in stock and a $51 million promissory note, due March 2024, the company said after the markets closed on Monday. Bayer also is eligible to receive long-term sales milestone payments for ATX-101.
Shares of Kythera closed Tuesday up $2.11 or 4.7 percent to $46.64 in trading on the Nasdaq.