Toctino is used to treat adults with severe chronic hand eczema that is refractory to treatment with potent topical corticosteroids.
Under the agreement Stiefel will be responsible for the development, manufacturing, commercialization, and distribution of the product.
Stiefel will also be allocated current Toctino distribution agreements in Europe, Canada, Mexico, Israel and the Republic of Korea.
Basilea will be eligible for a £146m upfront payment and will receive additional milestone payments of between £30 to £50m related to a regulatory milestone of alitretinoin in the U.S.
Basilea will also be eligible for low double-digit participation in U.S. sales beginning three years after launch.
Basilea CEO Dr. Anthony Man said, "Through this transaction, we are immediately accessing the value of Toctino and we will be able to further focus our strategy on solving the massive health care threat of resistance in the areas of anti-infectives and oncology."
The terms of the agreement are subject to antitrust approval and other customary provisions.