Private equity firm Strathspey Crown Holdings recently bought Evolus Inc. Financial details of the deal were not disclosed. Santa Barbara, California-based Evolus was formed last year. It entered into a partnership with Korean pharmaceutical firm Daewoong Pharmaceutical to manage the clinical testing and obtain regulatory approvals for the drug company's neurotoxin in the US and other international markets.

The acquisition enabled Alphaeon Corporation, a subsidiary of Strathspey Crown to obtain the exclusive license to market Daewoong Pharmaceutical's Botulinum toxin Type A neurotoxin. The neurotoxin would be sold in the US and other international markets with the brand name Evosyal.

Robert E. Grant, the Chairman of Strathspey Crown and Chief Executive Officer of Alphaeon, said, "Following extensive scientific and clinical review spanning several months, we are excited to acquire Evolus and have their team of expert neurotoxin scientists and clinicians join us to lead advances within the lifestyle healthcare industry."

The licensing of Evosyal would be Alphaeon's second major licensing transaction. The company also got the exclusive US license for Teoxane Laboratories' Teosyal in August.