Fortress Biotech's Partner Firm Expands Footprint In Dermatology With Qbrexza Acquisition

Fortress Biotech Inc's (NASDAQ: FBIO) partner company Journey Medical Corporation has agreed to acquire Qbrexza (glycopyrronium) in the U.S. from Dermira Inc, a wholly-owned subsidiary of Eli Lilly And Co (NYSE: LLY).
The transaction is expected to close early in the second quarter of this year. Qbrexza generated $24 million in net sales in the U.S. in 2020.
Qbrexza is FDA approved treatment for primary axillary hyperhidrosis in adult and pediatric populations (ages nine years and older) and is self-administered by patients.
Primary hyperhidrosis is a rare disorder characterized by excessive sweating on the hands' palms, the feet' soles, in the armpits (axillary), in the groin area, or under the breasts.
Price Action: FBIO shares are up 4.25% at $3.68 in the premarket session on the last check Thursday.