Verrica Pharma: Up on license deal for lead skin disease treatment in Japan

Torii Pharmaceutical Co

17/03/2021 11:50

** Shares of drug developer  VRCA.O  rise 5% to $17.50
premarket
    ** Co enters into agreement with Torii Pharmaceutical Co Ltd
 4551.T  under which Torii gains exclusive license to develop
and commercialize VRCA's skin disease treatment candidates in
Japan, including lead product VP-102 [https://refini.tv/3qQCxSt
]
    ** VP-102 is currently under U.S. FDA review for treatment
of molluscum contagiosum, a viral skin infection that results in
round, firm, painless bumps or lesions
    ** Torii will make an up-front payment of $11.5 mln, and up
to an additional $58 mln on achievement of specified milestones
in addition to tiered transfer price payments for supply of
product
    ** Torii is responsible for all development activities and
costs in support of obtaining regulatory approval in Japan
    ** VRCA stock up ~45% this year, as of last close

 (Reporting by Mrinalika Roy in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 806749 8325;))