Brickell Biotech Shares Surge After Offloading Late-Stage Asset To Australia-Based Firm

Brickell Biotech Inc BBI agreed to sell sofpironium bromide rights to Australia-based Botanix Pharmaceuticals Limited.
Brickell will receive upfront and potential near-term regulatory milestone payments over the next 18 months of up to $9 million.
Brickell also is eligible to receive additional milestone payments of up to $168 million and tiered earn-out payments ranging from high-single digits to mid-teen digits on net sales of sofpironium bromide gel.
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Sofpironium bromide, a retrometabolically-designed new chemical entity, belongs to a class of medications called anticholinergics.
Sofpironium bromide gel, 15% recently completed a U.S. Phase 3 program for primary axillary hyperhidrosis or excessive underarm sweating.
Brickell was on track to submit a marketing application to the FDA in mid-2022.
Brickell will provide consulting services to Botanix through submission and potential U.S. approval for sofpironium bromide gel, 15%.
Price Action: BBI shares are up 24.70% at $0.29 during the premarket session on the last check Wednesday.