Ben Baker/Redux Pictures
In launching a $46 billion bid to buy drug maker AllerganAGN -1.30%, Bill Ackman andValeant PharmaceuticalsVRX.T +0.63% are in line to own one of the best-known brands in beauty treatments. Times are good for Botox: in U.S. dollar terms, sales grew by 12% in 2012, hitting almost $2 billion.
But while the treatment is best known for removing the wrinkles from aging faces, its main use is for therapeutic purposes, including treatment of migraines and urological conditions. About 54% of all Botox sales in 2013 were for therapeutic use, growing at 17%, with sales for aesthetic purposes growing less than half as fast. 
So while firming wrinkled faces across the world is a big and growing opportunity for Botox, it’s only part of what the company says is the real potential of the drug. Allergan hopes Botox will eventually be used for an even wider range of conditions, and is studying its use as a potential treatment for premature ejaculation and planning clinical trials for its use in treating depression.
All in all, Botox accounted for about 32% of Allergan’s $6.2 billion in 2013 sales, up from about 29% in 2009.
What else has Botox been approved by the FDA as a treatment for? Among other things: overactive bladder symptoms, muscle stiffness and abnormal spasms of the eyelids. Valeant and Mr. Ackman are discussing the bid at a press conference right now — the Moneybeat team are live-blogging it.