The collaboration between Revance (RVNC) and Mylan (MYL) to develop a biosimilar Botox does not help sentiment on Allergan (AGN) shares, JPMorgan analyst Chris Schott tells investors in a research note. The analyst, however, sees a "very long road" to actual biosimilar Botox competition. Further, he adds that if competition emerges, the impact to Botox is likely to be fairly modest given the product's cash pay dynamics and entrenched market position. Schott sees the Botox franchise and broader aesthetics portfolio as a "significant growth driver" for Allergan and notes the Revance, Mylan announcement does not shift his view on the story. He believes the recent share weakness in Allergan is "very much overdone" and keeps an Overweight rating on the name.