GSK pays £146 million for eczema drug
pharmafile | June 13, 2012 | News story | Sales and Marketing | Basilea, GSK, Stiefel, Toctino
GlaxoSmithKline has paid £146 million for Basilea Pharmaceutica’s dermatology drug Toctino.
Toctino (alitretinoin) is approved for the treatment of adults with severe chronic hand eczema that is refractory to treatment with potent topical corticosteroids.
The Swiss firm is shedding the drug in order to focus on new anti-infectives and oncology treatments, and said it would use the sale of Toctino to further a number of drug programmes.
The deal is being made through Stiefel, a wholly-owned unit of GSK, which will assume responsibility for the development, manufacturing, commercialisation, and distribution of the product.
Existing Toctino distribution agreements in Europe, Canada, Mexico, Israel and the Republic of Korea will be assigned to Stiefel.
Basilea will receive a £146 million upfront payment and is eligible for additional milestone payments worth up to £50 million. This additional money could be given to Basilea if an oral form of Tactino, currently in Phase III trials in the US, becomes available in the country.
Basilea will also receive low double-digit participation in US sales starting three years after launch.
Dr Anthony Man, chief executive of Basilea, said: “Through this transaction, we are immediately accessing the value of Toctino and we will be able to further focus our strategy on solving the massive healthcare threat of resistance in the areas of anti-infectives and oncology.
“This transaction provides us with non-dilutive capital to achieve our clinical milestones that are key to optimising shareholder value.
“It also gives us the flexibility to selectively add products or product portfolios that address resistance to current therapies in our focus areas of anti-infectives and oncology,” he added.
Employees at Basilea’s European affiliates and Swiss headquarters who are involved in the commercialisation and distribution of Toctino will have the right to transfer to Stiefel upon completion of the transaction, the firm said.
The agreement is subject to antitrust approval and other customary provisions. Basilea will confirm the accounting treatment of the transaction and update the financial guidance for 2012 later in the year.
Ben Adams
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