Spruce Biosciences stock (NASDAQ: SPRB) are seeing a significant increase on Friday following the news of their partnership with Kaken Pharmaceutical to develop tildacerfont, an investigational drug for the treatment of congenital adrenal hyperplasia (CAH). The partnership has caused a surge in Spruce’s stock price, with shares rising over 100% in the morning.
Under the terms of the deal, Spruce will receive an upfront payment of $15 million, as well as milestone payments for achieving predetermined targets. In addition, Spruce will receive double-digit royalties on net sales of the drug in Japan.
“Kaken is a highly reputable specialty pharmaceutical company with a strong presence in Japan, making them the perfect strategic partner for us in this territory,” said Javier Szwarcberg, CEO of Spruce Biosciences. “This partnership aligns with our strategy to develop tildacerfont in markets outside of the United States.”
Spruce Biosciences’ stock price has traded within a range of $0.95 to $4.18 over the past year. As of today, the stock is currently trading at $2.68.
For Latest News Click Here