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Spruce Biosciences Shares Skyrocket After Licensing Pact For Lead Program

Benzinga · 01/06/2023 06:16
  • Spruce Biosciences Inc (NASDAQ:SPRB) and Kaken Pharmaceutical Co. Ltd entered into an exclusive licensing agreement for developing and commercializing Spruce's tildacerfont for congenital adrenal hyperplasia (CAH) in Japan.
  • CAH refers to a group of genetic disorders that affect the adrenal glands. These glands produce essential hormones, including Cortisol, which regulates the body's response to illness or stress.
  • Under the terms of the agreement, Spruce will receive an upfront payment of $15 million from Kaken and be eligible to receive additional payments upon the achievement of future development and commercial milestones, as well as tiered double-digit royalties on net sales in Japan. 
  • Related: JMP Says Forgotten Spruce Biosciences Could Draw Attention In 2023.
  • Kaken will be responsible for the clinical development and commercialization of tildacerfont in Japan, and Spruce will retain all rights to tildacerfont in all other geographies. 
  • As part of the agreement, Kaken will have the first right of negotiation to expand the scope of the agreement to include China (including Hong Kong, Taiwan, and Macau), South Korea, and other specified Southeastern Asian (ASEAN) countries. 
  • Price Action: SPRB shares are up 87.2% at $2.34 during the premarket session on the last check Friday.