VERU - Veru stock climbs on sale of ENTADFI capsules business to Blue Water

2023-04-20 06:55:50 ET

• Veru ( NASDAQ: VERU ) shares jumped 6% premarket on Thursday after the biopharmaceutical company announced the sale of its ENTADFI (finasteride and tadalafil) capsules business for benign prostatic hyperplasia.
• Blue Water Vaccines ( NASDAQ: BWV ) has agreed to acquire the business for $20M, of which $6M was paid at deal closing. Blue Water is obligated to pay Veru ( VERU ) an additional $4M in the company's fiscal year 2023, and an additional $10M in installments in the company's fiscal year 2024.
• In addition, Veru could receive up to an additional $80M if certain ENTADFI sales milestones are achieved.
• "The sale of ENTADFI and revenues from our FC2 business provide Veru with financial flexibility and resources to advance our important drug candidates, enobosarm for 2nd line AR+ ER+ HER2- metastatic breast cancer and sabizabulin for SARS-CoV-2 viral ARDS, that could yield Phase 3 clinical trial data in 2024," said Mitchell Steiner, chairman, president and chief executive officer of Veru.

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