Rehovot-based Foamix, which has developed a foam as for delivery of a dermatological treatments, has announced a further strategic agreement, this time withGalderma of Switzerland. The agreement is similar to three previous strategic agreement made by Foamix. Under it, Foamix will produce foams containing Galderma's drugs.
The foam is an alternative to dermatological creams. According to Foamix, it makes it possible to administer treatments to the patient more easily, with more uniform spread, and without irritating the skin.
The companies did nor disclose which drug would be integrated with the foam, but it is a new Galderma treatment. Foamix will develop the foam formulation of the product and Galderma will subsequently conduct all other activities. It will make an initial payment to Foamix, milestone payments, and royalties, which together could amount to millions of euros, as is usual in agreements of this kind.
Foamix has agreements with, among others, Bayer of Germany, Dr. Reddy's of India, and US companies Ferndale and Warner Chilcott. According to the company, these agreements have so far yielded revenue of $8 million. The rate of revenue should rise as implementation of the agreements progresses.
Over the coming year, Foamix also expects to launch products that it has developed independently.
Published by Globes [online], Israel business news - www.globes-online.com - on November 9, 2009
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