The transaction is subject to approval by Welichem shareholders.
Under the agreement, Welichem will receive an initial payment of C$35m and is eligible to receive additional milestone payments upon achievement of certain clinical development milestones and commercialization in certain countries following marketing approval from the corresponding regulatory agencies.
Stiefel research and development head and senior vice president Barbara White said, "I’m delighted to build upon Stiefel’s clinical pipeline of novel dermatology assets with the acquisition of WBI-1001."
Stiefel has also gained a conditional right to acquire further exclusive rights to develop and commercialize WBI-1001 in China, Taiwan, Macao and Hong Kong, collectively.
Welichem will receive an additional payment of C$15m, upon satisfaction of certain conditions.
WBI-1001 is currently in Phase II clinical development for the treatment of psoriasis and atopic dermatitis.