GlaxoSmithKline (NYSE: GSK) has agreed to buy the marketing rights for Basilea Pharmaceutica AG’s hand eczema drug Toctino for $226 million. 

Glaxo’s Stiefel unit will pay another $70 million more if the drug reaches certain goals, and double-digit royalties on U.S. sales three years after the product’s approval there, Basilea said in a statement late Monday.

“Toctino is an important and growing product that complements the Stiefel portfolio and offers a proven therapy for patients with a significant unmet medical need,” said Stiefel President Simon Jose. “This acquisition gives us an immediate opportunity to develop and expand the availability of this new and innovative product of value and reinforces Stiefel and GSK’s commitment to dermatology.”

According to GSK, up to 10 percent of the general population is afflicted with hand eczema. Approximately 5 to 7 percent of patients with hand eczema are estimated to suffer from severe chronic hand eczema and 2 to 4 percent of patients are unresponsive to topical treatment, GSK said.

The deal gives Stiefel, the skin business that Glaxo bought in 2009 for $2.9 billion, a drug that’s marketed in 14 countries and had sales of some $33 million last year, Glaxo said in a separate statement. Basilea, based in Basel, Switzerland, will use the cash to advance development of its experimental antibiotics, antifungals and cancer drugs.

“Selling Toctino is a strong strategic move by Basilea,” Olav Zilian, an analyst with Helvea SA in Geneva, wrote in a note today. “Basilea’s share price has not adequately reflected so far the value of this drug, which might have been another reason why management ultimately preferred to sell this asset to increase shareholder value.”

Basilea jumped as much as 15 percent, the biggest intraday gain since Sept. 20. The company is based in Switzerland.

Glaxo shares rose 0.6 percent 

Stiefel will assume responsibility for manufacturing and sales of Toctino, the companies said.

GSK operates its U.S. headquarters in RTP.

Stiefel maintains an R&D operation in RTP as well. 

(Bloomberg news contributed to this report.)