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Aclaris Therapeutics sells rights of skin drug to EPI Health

Aclaris Therapeutics Inc. sold the worldwide rights of its skin drug used to treat persistent facial redness to EPI Health LLC.

Wayne, Pa.-based Aclaris previously acquired the rights to Rhofade, approved by the U.S. Food and Drug Administration to treat persistent redness associated with the skin condition rosacea in adults, from Allergan PLC for $65 million in December 2018.

Under the agreement, Charleston, S.C.-based EPI Health agreed to pay Aclaris Therapeutics $35 million upfront and up to $20 million in the form of milestone payments upon reaching certain net sales targets.

Additionally, the company will pay Aclaris a specified high single-digit royalty calculated as a percentage of net sales based on product and country as well as 25% of any upfront, license, milestone, maintenance or fixed payment received by EPI Health from a licensee or sublicensee in any territory outside of the U.S., subject to conditions.

Following the transaction, Aclaris repaid its $30 million term loan with Oxford Finance LLC. EPI Health also agreed to pay specified royalties and milestone payments due from Aclaris under agreements with Allergan Sales LLC, Aspect Pharmaceuticals LLC and Vicept Therapeutics Inc.

SVB Leerink LLC was the exclusive financial advisor and DLA Piper LLP (U.S.) served as legal counsel to Aclaris.

On Oct. 9, Aclaris and Allergan sued Israel's Taro Pharmaceutical Industries Ltd. over a patent violation concerning Rhofade.