Spruce Biosciences higher on Strategic Partnership and Exclusive Licensing Agreement with Kaken Pharmaceutical

(24/7 MARKET NEWS) – Spruce Biosciences, Inc. (Nasdaq: SPRB) and Kaken Pharmaceutical Co. Ltd (Tokyo Stock Exchange: 4521) announced, after yesterday’s market close, that the companies entered into an exclusive licensing agreement for the development and commercialization of Spruce’s product candidate, tildacerfont, for the treatment of congenial adrenal hyperplasia (CAH) in Japan. Spruce will receive a $15 million upfront payment plus development and commercial milestone payments, in addition to tiered double-digit royalties on net sales in Japan.

It’s trading higher this morning, at $2.19, up $0.94 (+75.20%), on volume of 2.5 million shares.

Its 52-week range is $0.9547 to $4.18. If it can trade above $2.40, on strong volume, it’s setup is favorable for a potential run to much higher levels.

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