Brickell Biotech Inc., a clinical-stage pharmaceutical company has been striving to transform the lives of the patient by developing the innovative and differentiated prescription therapeutics for the treatment of the autoimmune, inflammatory and several other diseases, has signed a purchase agreement with Botanix SB Inc., a subsidiary of the Botanix Pharmaceuticals Limited and it has now acquired sofpironium bromide, which is a retrometabolically-designed the new chemical entity that is belonging to a class of the medications called as anticholinergics.
The sofpironium bormide gel, in which 15 percent is a potential topical therapy that has been recently completed a phase 3 pivotal clinical program of the United States for the treatment of the primary axillary hyperhidrosis or excessive underarm sweating.
Under the terms of the agreement, Botanix has now acquired from Brickell and all the assets have been primarily related to sofpironium bromide and in exchange, the company is going to be receiving the upfront and potential regulatory milestone payments over the upcoming 18 months of around 9 million dollars from Botanix.
The company ‘Brickell’ is also going to be eligible for receiving the additional regulatory and sales milestone payments of 168 million dollars and the tiered earn out the payments that are ranging from the high-single digits to the middle teen digits on the net sales of the sofpironium bromide gel.
Robert Brown, chief executive officer of Brickell said, they are pleased for announcing the closing of this transaction with the company ‘Botanix’, who’s well established leadership team is having a string track record of gaining the approval of US FDA and also successfully commercializing some of the leading brands in the aesthetic medicine and dermatology.
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