In exchange for £146 M (US$226 M) upfront, GlaxoSmithKline’s Stiefel Laboratories has acquired exclusive worldwide rights to Basilea Pharmaceutica’s chronic hand eczema drug Toctino® (oral alitretinoin), which is marketed in 14 countries and reported sales of CHF31 M (US$35 M) in 2011. Basilea is also entitled to receive up to an additional £50 M (US$77 M) upon US FDA approval as well as double-digit royalties beginning 3 years after launch. Basilea will use the cash proceeds from the transaction to advance its pipeline of anti-infective and oncology drugs.