Cipher Pharmaceuticals Inc. (NASDAQ: CPHR; TSX:CPH) ("Cipher" or "the Company") today announced it has strengthened its Canadian dermatology portfolio by acquiring the Canadian rights to Vaniqa® and Actikerall® from Almirall S. A., a Spanish pharmaceutical company. Both products have been approved by Health Canada.
VANIQA is a prescription cream clinically proven to reduce the growth of unwanted facial hair in women. VANIQA cream is an enzyme inhibitor and works by blocking an enzyme necessary for hair to grow. The product was approved by Health Canada in May, 2001. Actikerall is indicated for the topical treatment of slightly palpable and/or moderately thick hyperkeratotic actinic keratosis, a pre-cancerous patch of thick, scaly, or crusty skin. Actikerall has been shown to be superior to placebo and non inferior to diclofenac gel in the treatment of actinic keratosis. The product was approved by Health Canada on July 31, 2014 and will be launched by Cipher in the first half of 2015.
"Following the successful launch of Epuris®, these two approved products expand our Canadian dermatology portfolio and will fit seamlessly into our existing sales infrastructure," said Shawn O'Brien, President & Chief Executive Officer of Cipher. "This transaction supports our objective to develop a substantial dermatology franchise in Canada under Joan Chypyha's leadership. We believe these products have the potential to achieve combined sales of $2 million to $4 million annually."
Under the terms of the agreement, Almirall will receive an upfront payment of CDN$0.45 million and is eligible for certain milestones from product sales in Canada. Almirall will supply finished product to Cipher.
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