Basilea, GlaxoSmithKline sales and marketing update

Basilea granted GlaxoSmithKline's Stiefel Laboratories Inc. subsidiary exclusive, worldwide rights to the Swiss company's only marketed drug, eczema therapy Toctino alitretinoin. Basilea will receive L146 million ($226.3 million) up front and is eligible for L30-L50 million ($46.5-$77.5 million) in milestones. Basilea also could receive low double-digit royalties in the U.S. starting three years after a U.S. launch. The vitamin A derived 9-cis retinoic acid is available in 14 countries, including the U.K., Germany and Switzerland, and approved in 15 others. Distribution agreements in Europe, Canada, Mexico, Israel and South Korea will be transferred to Stiefel. Sales of Toctino were CHF31 million ($31 million) in 2011. In the U.S., Toctino is in Phase III testing. ...