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Allergan Inc. said on Thursday, September 11, that its popular Botox facial wrinkle-smoother worked as a treatment for adults suffering from chronic migraines, according to late-stage clinical data.
Shares of Allergan, which had been under pressure amid concerns the trial would fail, rallied as much as 13%, even as the broad market stumbled.
Botox, or botulinum toxin type A, is the first therapy being investigated for chronic migraine, which affects an estimated 1.2 million to 3.6 million people in the United States, according to the company.
Irvine, California-based Allergan, which also makes breast implants and eye care products, said data from its Phase III clinical trials showed a significantly greater decrease in headache days among patients receiving Botox, compared with those receiving a placebo. Injections at fixed sites in varying locations, including the forehead, temples and potentially extending into the neck muscles, were well tolerated, it said.
"This is positive, there's no question about it," said Jefferies & Co analyst Peter Bye. "The question is, how positive? The devil is in the details here."