KALA - Kala Pharma acquires Combangio gaining corneal defect candidate

Kala Pharmaceuticals (KALA +3.4%) has acquired privately held Combangio gaining access to a candidate for persistent corneal epithelial defect ("PCED"). Terms call Combangio equityholders to receive $5M upfront, and an aggregate of 7,788,667 shares of Kala common stock with an aggregate value of $16,122,541. The equityholders are also eligible to receive up to $105M in milestone payments on development of KPI-012, as well as tiered royalties in the mid to high single digits on any worldwide sales. KPI-012, formerly CMB-012, is a bone marrow-derived mesenchymal stem cell therapy. It has Orphan Drug Designation for treatment of PCED. Kala also released its Q3 2021 earnings today.

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Kala Pharma acquires Combangio gaining corneal defect candidate