Journey Medical announces exclusive license agreement with Maruho

Journey Medical announced it has entered into an exclusive license agreement with Maruho, a Japanese company specializing in dermatology and also Journey’s exclusive licensing partner that developed and is commercializing Qbrexza, or Rapifort, in Japan. Pursuant to the terms of the Agreement, Journey Medical granted Maruho an exclusive license to develop and commercialize Qbrexza for the treatment of hyperhidrosis, in South Korea, Taiwan, Hong Kong, Macau, Thailand, Indonesia, Malaysia, Philippines, Singapore, Vietnam, Brunei, Cambodia, Myanmar and Laos. Under the terms of the Agreement, Journey Medical will receive a $19M nonrefundable upfront payment. Maruho is responsible for all development and commercialization costs for the program throughout the Territory. Additionally, in conjunction with the new license grant, Journey Medical and Maruho have also entered into an amendment of their existing license agreement that grants Maruho exclusive rights to Qbrexza in Japan. The Amendment contains modifications that reduce certain royalty and milestone obligations payable to Journey, among other changes to certain economic sharing obligations. Under the Amendment, Journey is still eligible to receive certain milestones payments, totaling up to $45M.