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GlaxoSmithKline acquires hand eczema drug Toctino for £146m

Published: 11:11 12 Jun 2012 BST

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GlaxoSmithKline (LON:GSK) said its company Stiefel has agreed to acquire hand eczema drug Toctino (alitretinoin) from Basilea Pharmaceutica, which had worldwide sales of £22 million last year.

Toctino is the only prescription medicine that treats severe chronic hand eczema unresponsive to potent topical steroids in adults. Hand eczema is a common recurring dermatological condition, which is estimated to affect up to 10 percent of the general population.

The drug is already commercially available in 14 countries, approved in an additional 15 countries, and is in a Phase 3 trial in the US.

Under the terms of the agreement with Basilea, Glaxo will buy all Toctino patent rights, trademarks and product registrations and will licence certain clinical information and product know-how from the company.

Glaxo will initially pay £146 million in cash and could pay up to a further £50 million upon approval by the Federal Drug Administration (FDA) in the US of the drug and double digit success payment on US sales starting three years after the launch of the product in the US.

“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,” said president of Stiefel Simon Jose.

“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.”

Shares in GlaxoSmithKline changed hands at 1,447.5 pence this morning, up eight pence from Monday’s close.

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