Vyne Therapeutics gains on sale of topical skin cream assets

Journey Medical

13/01/2022 12:45

** Pharmaceutical company's shares  VYNE.O  up 20% at a
one-month high of $1.2 premarket 
    ** Co sells the business housing its topical skincare
products like Amzeeq and Zilxi, which are based on an antibiotic
that fights bacterial infection, to Journey Medical Corporation
 DERM.O   urn:newsml:reuters.com:*:nGNX8sBXb4 
    ** Journey will pay VYNE an upfront payment of $20 mln and
an additional $5 mln a year after the deal closes 
    ** VYNE can also receive sales milestone payments of up
to $450 mln based on meeting of certain net sales criteria and
licensing of assets by Journey outside of the United States
    ** Guggenheim Securities served as financial advisor to VYNE
in connection with the transaction
    ** Shares of DERM were up 6.3% at $5.7 premarket
    

 (Reporting by Shashank Nayar in Bengaluru)
 ((Shashank.Nayar@thomsonreuters.com; within U.S. +1 646 223
8780; outside U.S. +91 80 6182 2256;))