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Journey Medical (DERM) & Maruho Ink Deal for Qbrexza Asia Rights
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Journey Medical Corporation (DERM - Free Report) announced entering into an exclusive licensing agreement with Japanese dermatology company, Maruho Co., Ltd., granting Maruho the development and commercialization rights to Qbrexza (Rapifort / DRM04 / glycopyrronium tosylate hydrate) for the treatment of hyperhidrosis in certain Asian countries.
The territory of operations, granted to Maruho in the licensing deal, includes South Korea, Taiwan, Hong Kong, Macau, Thailand, Indonesia, Malaysia, Philippines, Singapore, Vietnam, Brunei, Cambodia, Myanmar and Laos.
Qbrexza is a self-administered once-daily anticholinergic topical prescription treatment. It is currently approved in the United States and Japan for treating primary axillary hyperhidrosis in adult and pediatric patients aged nine years and older.
Per the terms of the agreement, Journey Medical is entitled to receive an upfront payment of $19 million, which is non-refundable, from Maruho. Notably, Maruho will bear all costs for the development and commercialization program of Qbrexza in its territory.
The stock of Journey Medical surged about 18.4% on Wednesday in response to the encouraging news. The awaited upfront payment will provide the company with an influx of cash. Year to date, shares of DERM have shot up 30.7% against the industry’s 3.4% fall.
Image Source: Zacks Investment Research
The company already collaborated with Maruho to develop and commercialize Qbrexza in Japan.
In addition to the new licensing agreement, DERM also reported that the companies have been negotiating to amend its existing license agreement that grants Maruho the exclusive rights to Qbrexza in Japan.
Per the company, the amendment contains modifications that reduce certain royalty and milestone obligations payable to Journey Medical. It also comprises other changes to certain economic sharing obligations. However, under the terms of the amendment, DERM is still eligible to receive certain milestone payments, totaling up to $45 million.
Hyperhidrosis is a dermatological condition that causes abnormally increased sweating in certain areas of the body than what is required for normal thermal regulation. Hyperhidrosis is not life-threatening, but it can severely affect the quality of the life of patients suffering from it.
We would like to remind the investors that in 2021, Journey Medical acquired global rights to Qbrexza from Dermira, Inc., a subsidiary of Eli Lilly and Company, for an upfront payment of $12.5 million. The company is also liable to pay Dermira up to $144 million in the aggregate upon the achievement of certain net sales milestones.
In the past 30 days, the Zacks Consensus Estimate for Dynavax’s 2023 loss per share has remained constant at 24 cents. The estimate for Dynavax’s 2024 earnings per share is currently pegged at 2 cents. Year to date, shares of DVAX have risen by 30.5%.
DVAX’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 25.78%.
In the past 30 days, the Zacks Consensus Estimate for Better Therapeutics’ 2023 loss per share has narrowed from $1.33 to $1.28. During the same period, Better Therapeutics’ 2024 loss per share has also narrowed from 83 cents to 80 cents. Year to date, shares of BTTX have lost 40.5%.
BTTX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 24.22%.
In the past 30 days, the Zacks Consensus Estimate for Corcept’s 2023 earnings per share has gone up from 75 cents to 78 cents. The estimate for Corcept’s 2024 earnings per share has also improved from 81 cents to 83 cents. Year to date, shares of CORT have climbed 55.2%.
CORT’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 6.99%.
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Journey Medical (DERM) & Maruho Ink Deal for Qbrexza Asia Rights
Journey Medical Corporation (DERM - Free Report) announced entering into an exclusive licensing agreement with Japanese dermatology company, Maruho Co., Ltd., granting Maruho the development and commercialization rights to Qbrexza (Rapifort / DRM04 / glycopyrronium tosylate hydrate) for the treatment of hyperhidrosis in certain Asian countries.
The territory of operations, granted to Maruho in the licensing deal, includes South Korea, Taiwan, Hong Kong, Macau, Thailand, Indonesia, Malaysia, Philippines, Singapore, Vietnam, Brunei, Cambodia, Myanmar and Laos.
Qbrexza is a self-administered once-daily anticholinergic topical prescription treatment. It is currently approved in the United States and Japan for treating primary axillary hyperhidrosis in adult and pediatric patients aged nine years and older.
Per the terms of the agreement, Journey Medical is entitled to receive an upfront payment of $19 million, which is non-refundable, from Maruho. Notably, Maruho will bear all costs for the development and commercialization program of Qbrexza in its territory.
The stock of Journey Medical surged about 18.4% on Wednesday in response to the encouraging news. The awaited upfront payment will provide the company with an influx of cash. Year to date, shares of DERM have shot up 30.7% against the industry’s 3.4% fall.
Image Source: Zacks Investment Research
The company already collaborated with Maruho to develop and commercialize Qbrexza in Japan.
In addition to the new licensing agreement, DERM also reported that the companies have been negotiating to amend its existing license agreement that grants Maruho the exclusive rights to Qbrexza in Japan.
Per the company, the amendment contains modifications that reduce certain royalty and milestone obligations payable to Journey Medical. It also comprises other changes to certain economic sharing obligations. However, under the terms of the amendment, DERM is still eligible to receive certain milestone payments, totaling up to $45 million.
Hyperhidrosis is a dermatological condition that causes abnormally increased sweating in certain areas of the body than what is required for normal thermal regulation. Hyperhidrosis is not life-threatening, but it can severely affect the quality of the life of patients suffering from it.
We would like to remind the investors that in 2021, Journey Medical acquired global rights to Qbrexza from Dermira, Inc., a subsidiary of Eli Lilly and Company, for an upfront payment of $12.5 million. The company is also liable to pay Dermira up to $144 million in the aggregate upon the achievement of certain net sales milestones.
Journey Medical Corporation Price and Consensus
Journey Medical Corporation price-consensus-chart | Journey Medical Corporation Quote
Zacks Rank and Stocks to Consider
Journey Medical currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the overall medical sector are Dynavax Technologies (DVAX - Free Report) , Better Therapeutics (BTTX - Free Report) and Corcept Therapeutics (CORT - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 30 days, the Zacks Consensus Estimate for Dynavax’s 2023 loss per share has remained constant at 24 cents. The estimate for Dynavax’s 2024 earnings per share is currently pegged at 2 cents. Year to date, shares of DVAX have risen by 30.5%.
DVAX’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 25.78%.
In the past 30 days, the Zacks Consensus Estimate for Better Therapeutics’ 2023 loss per share has narrowed from $1.33 to $1.28. During the same period, Better Therapeutics’ 2024 loss per share has also narrowed from 83 cents to 80 cents. Year to date, shares of BTTX have lost 40.5%.
BTTX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 24.22%.
In the past 30 days, the Zacks Consensus Estimate for Corcept’s 2023 earnings per share has gone up from 75 cents to 78 cents. The estimate for Corcept’s 2024 earnings per share has also improved from 81 cents to 83 cents. Year to date, shares of CORT have climbed 55.2%.
CORT’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 6.99%.