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The Israeli dermatology company Sol-Gel (Nasdaq: SLGL) has announced that it will develop another generic product in cooperation with the company Perrigo (NYSE: PRGO; TASE: PRGO). Sol-Gel has developed a method of packaging drug molecules in a nano-sized package that improves the drug's absorption through the skin. The company has independent products in development and clinical trials, as well as products that it develops for other companies.
Sol-Gel, which held its IPO in early 2018, has seen its stock price fall by 40% since then, bringing its market capitalization down to $ 135 million.
Sol-Gel will develop the new generic product, on which little has been said, by itself. He will then transfer the clinical trials, which the two companies will jointly fund, to Perrigo. If and when the product is approved for marketing, Perrigo will market it in the United States and the two companies will share the proceeds of their sales equally.
This is Sol-Gel's fifth cooperative effort with Perrigo. A product jointly developed by the two companies for the treatment of papulopostular rosacea has already reached the interim approval stage of the US Food and Drug Administration (FDA) and is expected to soon generate revenue for Sol-Gel. Perrigo and Sol-Gel also share a historical connection: Perrigo's dermatological activity is based on Agis, a company controlled by Mori Arkin upon sale to Perrigo in 2005. Arkin is also the controlling shareholder of Sol-Gel after acquiring a majority stake in 2014.
The main independent product of Sol-Gel, also intended for the treatment of rosacea, is currently the subject of phase III clinical trials. The company announced that she had recruited half of the patients for this trial. In the coming months, Sol-Gel will also begin a clinical trial of its acne treatment product. The company is competing in these two areas with the Israeli company Foamix Pharmaceuticals Ltd. (Nasdaq: FOMX), which has developed a drug delivery process for the treatment of skin diseases using foam. Foamix, which also uses a mixed model of independent and generic products, has a market capitalization of $ 232 million.
Posted by Globes, Israel business news – www.globes.co.il – 4 November 2018
© Copyright Globes Publisher Itonut (1983) Ltd. 2018
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