Veru Inc announced on Thursday that it has sold its ENTADFI (finasteride and tadalafil) capsules business for benign prostatic hyperplasia (BPH) to Blue Water Vaccines, Inc for $20 million.
The biopharmaceutical company focused on developing novel medicines for oncology and SARS-CoV-2 and other viral ARDS-related diseases said it could receive up to an additional $80 million in payments if certain ENTADFI sales milestones are met.
“The sale of ENTADFI and revenues from our FC2 business provide Veru with financial flexibility and resources to advance our important drug candidates, enobosarm for 2nd line AR+ ER+ HER2- metastatic breast cancer and sabizabulin for SARS-CoV-2 viral ARDS, that could yield Phase 3 clinical trial data in 2024,” Veru CEO Mitchell Steiner said in a statement.
Veru noted that it received $6 million at closing and Blue Water is obligated to pay the company an additional $4 million in Veru’s fiscal year 2023, plus an additional $10 million in installments in the company’s fiscal year 2024.
Contact Sean at sean@proactiveinvestors.com