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Mylan shares bounce 6% on plans for Botox copycat, 2018 drug launches

Mylan NV shares surged nearly 4% in heavy Thursday trade after the company announced plans to bring a lower-priced biosimilar version of the bestselling cosmetic treatment Botox to market.

The biosimilar, a collaboration with Revance Therapeutics Inc. RVNC, -3.55% would allow Mylan to vie for one of rival Allergan’s AGN, -3.91%most valuable assets, which brought in sales of $3.17 billion in 2017.

Allergan shares plummeted nearly 3% in extremely heavy Thursday morning trade. Revance shares dropped 2.8% on the deal, under which Mylan MYL, +0.92% paid just $25 million upfront, along with potential milestone payments and sales royalties.

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