Pharmaceutical firm Allergan Inc. (AGN: sentiment, chart, options) said today it received approval from the U.S. Food and Drug Administration for Latisse, an eyelash-thickening drug. The treatment is recommended for patients with hypotrichosis of the eyelashes. Allergan expects to launch Latisse in the first quarter of 2009, and says global peak sales could top $500 million per year.

Latisse's active ingredient is bimatroprost, which is also found in Allergan's glaucoma drug Lumigan. Patients who used the latter drug reported eyelash growth as a side effect, which prompted AGN to develop a treatment specifically geared toward that end. The company also makes Botox, which began as a medical treatment for hyperhidrosis before becoming a popular anti-wrinkle cosmetic treatment.

In today's sluggish, post-holiday session, AGN is up roughly 2% on the news.