Nov. 7 at 5:07 PM
Pelthos Therapeutics Inc shares dropped after the company announced it acquired U.S. marketing rights for Xepi, a topical treatment for impetigo, from Biofrontera and Ferrer Internacional.
The Durham, North Carolina-based biopharmaceutical company will pay
$3.0 million to Biofrontera and
$1.2 million to Ferrer upfront, with additional payments tied to commercial availability and sales milestones. The agreement also includes royalty payments on U.S. net sales.
Along with the acquisition, Pelthos closed an
$18 million private financing in convertible notes with existing investors, including Ligand Pharmaceuticals and a group led by Murchinson Ltd. The notes, due in November 2027, will carry an 8.5% annual interest rate and are convertible at an initial price of
$34.442.
Xepi is a non-fluorinated quinolone antimicrobial cream approved by the FDA in 2017 for treating impetigo in patients aged two months and older.
$PTHS $LGND