12 June 2012 - Switzerland-based Basilea Pharmaceutica AG has signed a global contract with Stiefel, a GSK company.

It was announced on Monday that the agreement has been signed for the development, manufacturing, commercialisation, and distribution of Toctino(r)(alitretinoin) by Stiefel.

Basilea will receive a GBP146m upfront payment, and is eligible for additional milestone payments of between GBP30m to GBP50m related to a regulatory milestone of alitretinoin in the United States.

(USD1 = GBP0.64)