Stiefel, a GSK company, has entered into an agreement with Welichem Biotech to acquire exclusive development and commercialization rights to the anti-inflammatory agent, WBI-1001, in all territories outside of China, Taiwan, Macao and Hong Kong. WBI-1001 is currently in Phase II 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 $34 million and is eligible to receive additional payments based on clinical development milestones. Stiefel also has an option 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 $14.6 million.

"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 R&D, Stiefel. "We have a strong commitment to patients with skin conditions and are excited to undertake development of this innovative agent."