GlaxoSmithKline’s Stiefel Laboratories has agreed to acquire worldwide development and commercialisation rights to Welichem Biotech’s WBI-1001, a topical anti-inflammatory agent in Phase II development for psoriasis and atopic dermatitis. Welichem will receive an initial payment of CAD$35 M (US$34 M) and is also eligible to receive additional payments contingent upon clinical development and commercial accomplishments related to WBI-1001. The deal will initially exclude rights to the drug in China, Taiwan, Macao and Hong Kong.