Basilea Pharmaceutica has selected Actelion Pharmaceuticals Canada for the distribution of Toctino as a treatment for chronic hand eczema in Canada.
As per the agreement signed between both the parties, Actelion is entitled to pay a sum of an upfront and milestone payments of C$3.7m to Basilea.
Further, Actelion is expected to acquire Toctino from Basilea and bear all costs related to selling the product in Canada.
Basilea CEO Anthony Man said that after carefully evaluating different commercialisation strategies for Toctino in the Canadian dermatology market, they have concluded that partnering Toctino allows them to optimise the value of the asset in this market.
"Actelion has a well-established and significant commercial organisation in Canada with a proven track record in successfully marketing specialty products. We and Actelion look forward to making Toctino available to patients in Canada in the fourth quarter of 2010," Man said.