Business
Sol-Gel and Searchlight Pharma Announce Licensing Agreements to Commercialize TWYNEO® and EPSOLAY® in Canada
Sol-Gel to receive up to $11 million in upfront payments and regulatory and sales milestones for both drugs, combined, plus additional royalties ranging from
About this update from Sol-gel Technologies Ltd.
[{"type":"text","content":"\n\nSol-Gel to receive up to $11 million in upfront payments and regulatory and sales milestones for both drugs, combined, plus additional royalties ranging from low double-digits to high-teens\n\n\n\nNon-dilutive capital strengthens Sol-Gel’s balance sheet\n\n\n\nSearchlight Pharma anticipates filing of Canadian regulatory submissions in early 2024 and for both products to become foundational pieces of its dermatology pipeline and portfolio\n\n\n\n NESS ZIONA, Israel & MONTREAL--(BUSINESS WIRE)--\nSol-Gel Technologies, Ltd. (NASDAQ: SLGL) (“Sol-Gel”), an Israel-based dermatology company and Searchlight Pharma Inc. (“Searchlight”), a private Canadian specialty pharmaceutical company, today announced the signing of exclusive license agreements for TWYNEO and EPSOLAY for the Canadian market. TWYNEO and EPSOLAY are two innovative, large-market, dermatology products that were developed by Sol-Gel. Both products recently launched in the U.S., and Searchlight is to commercialize in Canada over a fifteen-year term that is renewable for subsequent five-year periods.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230606005097/en/\n\nTWYNEO (tretinoin, 0.1%, and benzoyl peroxide, 3%, cream) is used for the treatment of acne vulgaris in adults and pediatric patients 9 years of age and older.\n\n\n\nEPSOLAY (benzoyl peroxide, 5%, cream) is used for the treatment of inflammatory lesions of rosacea in adults.\n\n\n\n“We are pleased to partner with a leading and dynamic specialty pharmaceutical company, Searchlight Pharma, to introduce our two innovative dermatology drugs to Canadian patients and to generate non-dilutive capital for our shareholders,” stated Alon Seri-Levy, Ph.D., Chief Executive Officer of Sol-Gel. “With this partnership, we look forward to expanding our strong commercial presence in North America and further strengthening our growing revenue base.”\n\n\nAs part of the agreement terms, Sol-Gel will receive up to $11 million in potential upfront payments and regulatory and sales milestones for both drugs, combined. In addition, Sol-Gel will be entitled to royalty percentages of all Canadian net sales ranging from the low-double-digits to high-teens.\n\n\nMark Nawacki, President and Chief Executive Officer of Searchlight Pharma Inc., commented, “TWYNEO and EPSOLAY...