GlaxoSmithKline (LON: GSK) will sell the rights to its experimental dermatology drug, tapinarof, to Roivant Sciences' subsidiary Dermavent Sciences, Pharmafile reported on Friday.

Dermavent paid an upfront payment of GBP150 for the rights to tapinarof. It has also agreed to pay GSK future milestone payments of an additional GBP100m upon the achievement of prespecified developmental targets.

Completion of the deal will give Dermavent the global rights to the drug in all countries except China.

The drug has been studied as a treatment for psoriasis and atopic dermatitis (eczema). It was found to have demonstrated clinically meaningful results in treating adults with plaque psoriasis in a Phase IIb study involving 227 patients.

A separate double-blind, placebo-controlled Phase IIb study involving 247 patients with atopic dermatitis also resulted in the drug demonstrating efficacy.