Perrigo to Collaborate with Acne Cream Company Sol-Gel on Generic Drug

The Israeli subsidiary of pharmaceutical manufacturer Perrigo Company PLC announced on Wednesday a collaborative agreement with Sol-Gel Technologies Ltd., a Nasdaq-listed dermatology drugs company.

Israel-based, clinical-stage Sol-Gel develops branded and generic topical dermatological drugs for various skin conditions, including acne and Rosacea, a common and often chronic skin disease. Its products rely on a delivery system of silica-based microcapsules that control the drugs' release rate.

Perrigo and Sol-Gel have collaborated on several products previously. Under the new agreement, the two companies intend to develop, manufacture and commercialize an unspecified generic product candidate.

Sol-Gel was down 1.7% on Wednesday market close.