LONDON — Stiefel, a GlaxoSmithKline company, on Monday acquired the eczema remedy Toctino (alitretinoin) from Basilea Pharmaceutica.
“Toctino is an important and growing product that complements the Stiefel portfolio and offers a proven therapy for patients with a significant unmet medical need," stated Simon Jose, Stiefel president. "This acquisition gives us an immediate opportunity to develop and expand the availability of this new and innovative product of value, and reinforces Stiefel and GSK’s commitment to dermatology.”
Toctino is a once-daily oral retinoid and the only prescription medicine specifically approved for the treatment of severe chronic hand eczema unresponsive to potent topical steroids in adults. It is commercially available in 14 countries, approved in an additional 15 countries, and is in a phase-3 trial in the United States. In 2011, worldwide sales of Toctino were $34.2 million.
Under the terms of the agreement, Stiefel will acquire all Toctino patent rights, trademarks and product registrations owned by Basilea, and will license certain clinical information and product know-how from Basilea. Stiefel will be responsible for the product’s further development, manufacture and commercialization worldwide.
Basilea will receive an initial payment of $226.8 million in cash from Stiefel, and is eligible to receive further payments of up to $77.7 million upon FDA approval of the product in the United States, and double-digit success payments on U.S. net sales beginning three years after launch of the product in the United States.
The transaction is subject to competition approval in Germany.