Stiefel, a GSK company, enters agreement with Welichem Biotech, Inc. to acquire a novel topical agent for psoriasis and atopic dermatitis
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Stiefel, a GSK company, enters agreement with Welichem Biotech, Inc. to acquire a novel topical agent for psoriasis and atopic dermatitis

Downloading requires you to have access to the YouScribe library
Learn all about the services we offer
2 Pages
English

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Stiefel, a GSK company, enters agreement with Welichem Biotech, Inc. to acquire a novel topical agent for psoriasis and atopic dermatitis PR Newswire RESEARCH TRIANGLE PARK, North Carolina, May 30, 2012 RESEARCH TRIANGLE PARK, North Carolina, May 30, 2012 /PRNewswire/ -- Stiefel, a GSK (NYSE:GSK) company, and Welichem Biotech, Inc.

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Stiefel, a GSK company, enters agreement with
Welichem Biotech, Inc. to acquire a novel
topical agent for psoriasis and atopic
dermatitis
PR Newswire
RESEARCH TRIANGLE PARK, North Carolina, May 30, 2012
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