Solasia leaps on news of licensing deal for PledOx
Shares of Solasia Pharma (TYO: 4597) shot up 33.3% to 200 yen by close of trading today, after revealing that it has entered into an exclusive license agreement with fellow Japan-based Maruho for commercialization of Solasia’s product SP-04 (PledOx), a therapeutic agent for chemotherapy induced peripheral neuropathy (currently undergoing Phase III clinical trials; active ingredient calmangafodipir) in Japan.
Under the license agreement, Maruho will commercialize the product exclusively in Japan after Solasia completes development of the product. Based on the license agreement, Solasia will supply the product exclusively to Maruho, and Maruho will pay Solasia an upfront payment of 1.0 billion yen ($9.2 million) and milestone payments based on progress in development and marketing up to a total of 18.0 billion yen.
Deal includes 9.7% equity stake
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