Bayer HealthCare and Kythera announced that Bayer will sell back to Kythera commercial rights to ATX-101 outside of the United States and Canada. In 2010, Bayer licensed these rights from Kythera. ATX-101 is a proprietary formulation of a purified synthetic version of deoxycholic acid currently in late-stage development for the reduction of submental fat (double chin). Under the new agreement, Bayer will receive $ 33 million in Kythera common stock, plus a $ 51 million promissory note, payable no later than 2024 from KYTHERA. Bayer is also eligible to receive certain long-term sales milestone payments on annual sales outside of the United States and Canada.
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