RESEARCH TRIANGLE PARK, North
Carolina, May 30, 2012
/PRNewswire/ -- Stiefel, a GSK (NYSE: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
statements
Under 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