Alphaeon Corp. will be split up into two business units as part of a restructuring aimed at simplifying its corporate structure.

The Irvine, Calif.-based company has been renamed to AEON Biopharma Inc. and will focus on developing its botulinum toxin complex ABP-450, or prabotulinumtoxinA, for treating debilitating medical conditions.

The second unit is named Alphaeon1 LLC and will provide the company's stockholders a way to continue to hold about 8.7 million shares of Evolus Inc. that were previously held by Alphaeon.

Alphaeon said the units will retain the same shareholder base that was in place prior to the split.