(Reuters) - Canada's Valeant Pharmaceuticals International Inc (NYSE:VRX) said it has been granted an exclusive license by AstraZeneca Plc to develop and commercialize its late-stage experimental psoriasis drug brodalumab.
The arrangement excludes Japan and certain other Asian countries where rights are held by Kyowa Hakko Kirin Co, Valeant said on Tuesday.
Valeant said it will make an up-front payment of $100 million to AstraZeneca, and additional pre-launch milestone payments of up to $170 million and sales-related milestone payments of up to $175 million following launch.
Brodalumab belongs to a class of drugs called IL-17 inhibitors that work by blocking a signaling pathway that plays a key role in inducing and promoting inflammatory diseases. Psoriasis is a chronic autoimmune disease in which the growth cycle of skin cells is accelerated.