Stiefel, a GSK company, enters agreement with Welichem Biotech, Inc. to acquire a novel topical agent for psoriasis and atopic
May 28 2012 - 3:16AM
PR Newswire (Canada)
RESEARCH TRIANGLE PARK, N.C., May 30, 2012 /CNW/ - Stiefel, a GSK
company, and Welichem Biotech, Inc. (WBI:CN), have entered into an
agreement for the acquisition by Stiefel of exclusive development
and commercialization rights to the novel anti-inflammatory agent,
WBI-1001, in all territories outside of China, Taiwan, Macao and
Hong Kong. WBI-1001 is currently in Phase II clinical development
for the treatment of psoriasis and atopic dermatitis. The
transaction is subject to approval by Welichem shareholders.
Welichem will receive an initial payment of CAD$35 million and is
eligible to receive additional milestone payments upon achievement
of certain clinical development milestones and upon
commercialization in certain countries following marketing approval
from the corresponding regulatory agencies. Under terms of the
agreement, 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 will receive an additional payment
of CAD$15million. "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." About WBI-1001: WBI-1001 is
a novel, non-steroidal, topical anti-inflammatory new chemical
entity (NCE) that has demonstrated efficacy and safety in Ph1 and
Ph2 clinical trials for the treatment of mild to moderate
psoriasis[i] and moderate to severe atopic dermatitis[ii] for up to
12 weeks as a single therapy. About Stiefel, a GSK company Stiefel,
a GSK company, is committed to advancing dermatology and skin
science around the world in order to help people better achieve
healthier skin. Stiefel's dedication to innovation, along with its
focus on pharmaceutical, over-the-counter and aesthetic dermatology
products, has established Stiefel as a world leader in the skin
health industry. To learn more about Stiefel, visit
www.stiefel.com. Cautionary statement regarding forward-looking
statementsUnder the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995, Stiefel, a GSK company,
cautions investors that any forward-looking statements or
projections made by Stiefel, a GSK company, including those made in
this announcement, are subject to risks and uncertainties that may
cause actual results to differ materially from those projected.
Factors that may affect Stiefel, a GSK company's operations are
described under 'Financial review & risk section" in GSK's
Annual Report 2011 included as exhibit 15.2 to GSK's Annual Report
on Form 20-F for 2011. References:[i] British Journal of
Dermatology; 166(4):853-60[ii] Journal of the European Academy of
Dermatology and Venereology,Early View, Article first published
online: 12 NOV 2011 SOURCE Stiefel, a GSK company Stiefel, a GSK
company CONTACT: GlaxoSmithKline Enquiries: Media enquiries:
Kathleen Cuca,+1-610-917-6914 (Philadelphia), or Analyst/Investor
enquiries: SallyFerguson, +44(0)20-8047-5543 (London), Tom Curry,
+1-215-751-5419(Philadelphia), Gary Davies, +44(0)20-8047-5503
(London), JeffMcLaughlin, +1-215-751-7002 (Philadelphia), or Ziba
Shamsi, +44(0)20-8047-3289 (London)http://www.stiefel.com
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