Sol-Gel Signs $27 M Deal for Dermatology Drug Delivery

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Sol-Gel Technologies Ltd. announced today that it has entered into a second development and licensing agreement with a leading U.S. pharmaceutical company for the development and commercialization in the U.S. and Canada of a major dermatologic drug.

Under the terms of the new agreement, Sol-Gel will receive $27 million, comprised of an initial non-refundable payment as well as additional license fees and development payments upon the successful completion of various milestones. The U.S. partner will fund the product's development. Sol-Gel will be entitled to receive royalties from net sales.

The new agreement follows a similar $25 million deal made with the same company.

"This repeat collaboration reinforces Sol-Gel's position as a leading player in the development of encapsulation technologies for application to topical drug products," said Dr. Alon Seri-Levy, co-founder and CEO.
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