Sinclair sells US Atopiclair rights to Graceway
The UK's Sinclair Pharma has signed an agreement to sell the US distribution rights pertaining to Atopiclair cream and lotion, a non-steriodal treatment for atopic dermatitis, to its marketing partner Graceway.
Sinclair received an immediate payment of $3.1 million in cash in place of future royalties that it would have received under the existing deal over the next five years. Graceway has also relinquished its right of first refusal for Sinclair's dermatology products in the USA.
Chief executive Michael Flynn said: "recognizing the current market and economic environment prevalent in the USA we believe this agreement enables us to optimize the value in one of our 10 leading products and provides us with a single cash payment. We believe we can make better use of the additional funds to grow the core business."
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