- Novan ( NASDAQ: NOVN ) on Wednesday said its unit EPI Health had entered into a license agreement with Sato Pharmaceutical for Rhofade skin cream in Japan.
- Shares of NOVN rose 7.8% to $1.25 in premarket trading.
- Rhofade cream is a prescription medicine used on the skin to treat ongoing facial redness due to rosacea in adults.
- As per the deal, EPI Health will get an upfront payment of $5M.
- EPI will also get a $2.5M milestone payment at the time of marketing approval in Japan, and royalty payments on net sales of the product in Japan.
- "Sato will be responsible for obtaining regulatory approval in Japan and will have the right to access EPI Health’s U.S. dossier for RHOFADE," NOVN said in a statement .
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Novan's EPI Health inks license deal with Japan's Sato Pharma for Rhofade skin cream