Stiefel acquires topical agent for psoriasis, atopic dermatitis

July 1, 2012

Stiefel and Welichem Biotech have entered into an agreement for Stiefel’s acquisition of exclusive development and commercialization rights to the nonsteroidal, topical anti-inflammatory agent, WBI-1001, in all territories outside of China, Taiwan, Macao and Hong Kong.

Research Triangle Park, N.C. - Stiefel and Welichem Biotech have entered into an agreement for Stiefel’s acquisition of exclusive development and commercialization rights to the nonsteroidal, topical anti-inflammatory agent, WBI-1001, in all territories outside of China, Taiwan, Macao and Hong Kong.

WBI-1001 is currently in phase 2 clinical development for the treatment of psoriasis and atopic dermatitis. The transaction is subject to approval by Welichem shareholders, company reports state.

Welichem will receive an initial payment of $34 million and is eligible to receive additional payments upon achievement of certain clinical development milestones and commercialization in certain countries following marketing approval from the corresponding regulatory agencies, according to company reports.

Stiefel has also received a conditional right to acquire further exclusive rights to develop and commercialize WBI-1001 in China, Taiwan, Macao and Hong Kong, collectively. Upon satisfaction of certain conditions, Welichem reportedly will receive an additional payment of $14.7 million.

"I'm delighted to build upon Stiefel's clinical pipeline of novel dermatology assets with the acquisition of WBI-1001," said Barbara White, senior vice president and head of Research and Development, Stiefel. "We have a strong commitment to patients with skin conditions and are excited to undertake development of this innovative agent.”