Sol-Gel signs $24.7 million licensing deal for dermatology drug

Under the terms of the agreement, Sol-Gel Technologies will receive $24.7 million, comprised of an initial non-refundable payment as well as additional payments upon the successful completion of various milestones. The US partner will fund the product’s development. Sol-Gel will be entitled to receive royalties from net sales.

Daniela Mavor, senior vice president for business development, Sol-Gel, said: “As Sol-Gel has retained the right to market this product outside of North America, we look forward to marketing it together with additional partners in the rest of the world.”