CollaGenex will make an initial payment of $750,000 for 51% of the shares of SansRosa. The remaining shares will be purchased upon the achievement of various milestones.
If all milestones are achieved and a patented product is developed and approved for sale, CollaGenex will pay the shareholders of SansRosa an additional $4-$6 million. CollaGenex will be solely responsible for product and clinical development.
“There are currently no effective treatments for the redness associated with rosacea and certain other dermatological conditions,” said Colin Stewart, president and CEO of CollaGenex. “If successfully developed and approved, a topical product based on SansRosa’s technology would complement our existing pipeline, including Oracea, which is currently under review by the FDA.”