Aclaris surges after patent agreement with Sun Pharma

Aclaris Therapeutics

06/12/2023 10:52

** Drug developer Aclaris Therapeutics  ACRS.O  soars 17.60%
premarket to $1.16 after announcing patent license agreement
with Sun Pharmaceutical Industries Inc for alopecia treatment
    ** ACRS granted Sun Pharma exclusive rights for use of
deuruxolitinib, Sun Pharma's JAK inhibitor or other isotopic
forms of ruxolitinib, to treat alopecia, or hair loss
    ** Deal includes upfront payment of $15 mln
    ** ACRS up ~50% since tumbling 86% to a record low in
mid-Nov, when co scrapped development of its rheumatoid
arthritis drug; Still about 90% away from this year's high of
$18.54 hit in Jan
    ** Five of 9 brokerages rate the stock "buy" or higher, and
4 "hold"; their median PT is $2 - LSEG
    

 (Kanchana Chakravarty in Bengaluru)
 ((Kanchana.Chakravarty@thomsonreuters.com))