Almirall takes up option on lebrikizumab
Spain’s largest drugmaker Almirall (ALM: MC) has exercised its option to license rights to develop and commercialize lebrikizumab for the treatment of atopic dermatitis and certain other indications in Europe from USA-based Dermira (Nasdaq: DERM).
Almirall and Dermira previously entered into an option and license agreement in February 2019 under which Almirall was granted this exclusive option in exchange for an upfront option fee of $30 million. As a result of Almirall's decision, the company will pay Dermira $50 million and Dermira will be eligible to receive additional payments upon the achievement of certain milestones, including $30 million in connection with the initiation of certain Phase III clinical studies.
Almirall’s shares edged up 1.6% to 15.74 euros by late afternoon, while Dermira was up 3.26% at $9.82 in mid-morning Nasdaq trading.
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