STOCKHOLM, Oct 20 (Reuters) - Karolinska Development Ab
* Forendo pharma announces the US licensing of fispemifene to apricus biosciences targeting urological conditions in men
* a Karolinska Development AB portfolio company, announced today that it has entered into a definitive agreement to out-license the US development and commercialization rights for fispemifene to Apricus Biosciences Inc.
* Forendo is entitled to success driven milestone payments totaling up to of $305 million plus sales royalties.
* Karolinska Development has an ownership of 21 percent in Forendo Pharma.
* Under the terms of the agreement, Apricus will make a $5 million upfront cash payment to Forendo, and will transfer approximately 3.6 million Apricus common shares, representing $7.5 million in value based on the 360-day average market price of the Apricus stock.
* The agreement includes additional potential clinical and regulatory milestones payments to Forendo for up to $45 million, including FDA approval, as well as commercial milestone payments totaling up to $260 million based on achieving specified annual net sales of fispemifene levels up to $1 billion in the US.
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