Spruce Biosciences Surges On Tie-up With Kaken Pharma To Develop Investigational Drug Tildacerfont

Shares of Spruce Biosciences, Inc. (SPRB) are rising more than 100% Friday morning after the company announced partnership with Japan’s Kaken Pharmaceutical to develop Spruce’s investigational drug, tildacerfont, for the treatment of congenial adrenal hyperplasia (CAH).

As per the deal, Spruce will receive an upfront payment of $15 million, with additional milestone payments on achieving targets. Spruce is also entitled to get double-digit royalties on net sales in Japan.

“As a specialty pharmaceutical company with a strong presence in Japan, Kaken is the ideal strategic partner for the territory, and supports Spruce’s partnering strategy to develop tildacerfont in markets outside of the United States,” said Javier Szwarcberg, Chief Executive Officer of Spruce Biosciences.

SPRB, currently at $2.68, has traded in the range of $0.95-$4.18 in the last 1 year.

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