London-based AstraZeneca has sold the development and commercialization rights for brodalumab, its psoriasis drug, to Valeant Pharmaceuticals.

Under the terms of deal, Canada-based Valeant will pay an up-front fee of $100 million and additional prelaunch milestones of up to $170 million, as well as further sales-related milestones of up to $175 million following the launch. The two firms then will share profits.

The Canadian drugmaker, in return, will gain exclusive global rights to the IL-17 receptor monoclonal antibody, except in Japan and other Asian nations where rights are held by Kyowa Hakko Kirin under a previous deal with Amgen, brodalumab’s originator.

Regulatory submission in the U.S. and E.U. for brodalumab in moderate-to-severe psoriasis is slated for the fourth quarter of this year. The deal also is expected to close during that period.