Spruce Bio surges on licensing deal with Japan's Kaken Pharma

KAKEN PHARMACEUTICAL

05/01/2023 23:03

** Shares of biopharma co Spruce Biosciences  SPRB.O  nearly
double at $2.44 after the bell 
    ** SPRB signs licensing deal with Japan's Kaken
Pharmaceutical  4521.T  for its drug candidate, tildacerfont, as
a treatment for congenital adrenal hyperplasia (CAH) 
    ** CAH is a group of genetic disorders that affect the
adrenal glands
    ** Under deal, SPRB will get $15 mln as upfront payment,
will be eligible for additional milestone payments 
    ** SPRB also eligible to get tiered double-digit royalties
on net sales in Japan from Kaken under deal 
    ** Co says Kaken will be responsible for securing necessary 
regulatory approvals for tildacerfont in Japan
    ** SPRB fell ~75% in 2022 
 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))