Novan surges on buying dermatology drug maker EPI Health

NVN Liquidation

11/03/2022 12:41

** Shares of drug developer  NOVN.O  surge 11.7% to $3.92
premarket after it buys specialty dermatology drug maker EPI
Health for upfront purchase price of $27.5 million  urn:newsml:reuters.com:*:nGNX45p5rm
    ** Under deal, NOVN to pay an additional $23.5 million in
potential future milestone payments
    ** NOVN says acquisition allows co to sell products for
various skin diseases and also gives it commercial
infrastructure to drive launch of SB206, its experimental drug
for viral skin infections, if it gets approval
    ** All four brokerages covering NOVN rate stock "buy"; their
median PT is $30
    ** Up to Thursday's close, stock had fallen nearly 16% YTD

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))