Stiefel, a GSK company, has entered into a worldwide agreement to acquire Toctino (alitretinoin) from Basilea Pharmaceutica Ltd. A once-daily oral retinoid, Toctino is in Phase 3 trials in the US, where it has not yet received FDA approval. Globally, it is the only prescription medicine specifically approved for the treatment of severe chronic hand eczema unresponsive to potent topical steroids in adults. It is commercially available in 14 countries and approved in an additional 15 countries. Worldwide sales of Toctino were £22m in 2011. Under the terms of the agreement, Stiefel will acquire all Toctino patent rights, trademarks and product registrations owned by Basilea and will license certain clinical information and product know-how from Basilea. Stiefel will be responsible for the product's further development, manufacture and commercialization worldwide. Basilea will receive an initial payment of £146m in cash from Stiefel and is eligible to receive further payments of up to £50m upon FDA approval of the product in the US and double-digit success payments on US net sales, beginning three years after launch of the product in the US. The transaction is subject to competition approval in Germany, Stiefel reported.