Basilea Pharmaceutica Ltd. (BPMUF.PK) said the transaction between Basilea Pharmaceutica International Ltd. and Stiefel, a GlaxoSmithKline(GSK: Quote,GSK.L) company, for Basilea's dermatology drug Toctino (alitretinoin) has been completed following antitrust approval and meeting other customary provisions.
Under the global agreement, Stiefel gains exclusive worldwide rights to Toctino as well as a license to know-how and assumes Basilea's existing distribution agreements for Toctino. Basilea receives an upfront payment of approximatelyCHF 225 million and will be eligible for a further milestone payment of up to GBP 50 million, related to a regulatory milestone of alitretinoin in the U.S.
In addition, Basilea will participate in future product sales in the U.S. through royalties starting three years after launch.
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by RTT Staff Writer
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