Spruce Biosciences jumps almost 100% after licensing deal for tildacerfont

Shares of Spruce Biosciences jumped almost 100% or $1.21 per share on Thursday evening, to $2.46 per share after Spruce Biosciences and Kaken Pharmaceutical "announced that the companies have entered into an exclusive licensing agreement for the development and commercialization of Spruce’s product candidate, tildacerfont, for the treatment of congenial adrenal hyperplasia in Japan. Under the terms of the agreement, Spruce will receive an upfront payment of $15M from Kaken and will be eligible to receive additional payments upon the achievement of future development and commercial milestones, as well as tiered double-digit royalties on net sales in Japan.