Dermavant to buy rights to tapinarof for £250 million
Dermavant Sciences, a subsidiary of Roivant Sciences, has agreed to purchase the rights to tapinarof, an investigational therapeutic aryl hydrocarbon receptor modulating agent (TAMA) for the treatment of psoriasis and atopic dermatitis and back-up programs, from UK pharma major GlaxoSmithKline (LSE: GSK).
The transaction is for a total consideration of £250 million ($331 million), including an initial payment of £150 million and a potential future milestone payment of £100 million.
The decision comes just a couple of months after a former GSK executive, David Rubenstein, joined Dermavant as chief scientific officer.
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