Cara to Get $50 Million Investment From Vifor After FDA Korsuva Nod
August 31 2021 - 8:29AM
Dow Jones News
By Colin Kellaher
Cara Therapeutics Inc. on Tuesday said the U.S. Food and Drug
Administration's recent approval of Korsuva triggers a $50 million
equity investment from partner Vifor Pharma AG.
Cara, a Stamford, Conn., biopharmaceutical company, last year
signed a license agreement giving Swiss pharmaceuticals company
Vifor full U.S. commercialization rights to Korsuva in the U.S.
dialysis segment.
The FDA last week approved Korsuva for the treatment of
moderate-to-severe pruritus, a systemic itch condition, in
hemodialysis patients.
As part of the licensing agreement, Vifor will buy about 3.28
million Cara shares at $15.23 apiece, a 20% premium to the 30-day
average price prior to the FDA approval, Cara said in a filing with
the Securities and Exchange Commission. The stock closed at $14.83
on Monday.
Vifor is already Cara's largest shareholder, with a roughly 14%
stake, according to FactSet.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 31, 2021 08:14 ET (12:14 GMT)
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