Aclaris Therapeutics, Inc. has entered into a definitive asset purchase agreement with Allergan Sales, LLC to acquire worldwide rights to Rhofade® (oxymetazoline hydrochloride) cream, 1% and additional intellectual property. The acquisition includes an exclusive license to certain intellectual property for Rhofade, which is approved for the topical treatment of persistent facial erythema associated with rosacea in adults. This transaction, which is subject to customary closing conditions, including certain governmental regulatory clearances, is expected to close in the fourth quarter of 2018.
Allergan has agreed to provide support to Aclaris to allow for a smooth transition of Rhofade.
Under the terms of the agreement, the purchase price includes an upfront cash payment of $65 million due at closing, a development milestone payment related to the potential development of an additional dermatology product, and tiered royalties on net sales.
Allergan developed and brought Rhofade to market in 2017 after acquiring the drug as part of its 2011 acquisition of Vicept Therapeutics, Inc., a company established by certain members of the current senior management team of Aclaris.
“We are excited to acquire Rhofade. Our team is very familiar with the asset and the market opportunity,” says Neal Walker, DO, President and Chief Executive Officer of Aclaris. “It is a rare opportunity to acquire an asset which was on a good trajectory with this level of initial launch activities completed.”