Japanese CRO buys back penny stock spinout while awaiting FDA decision on migraine candidate
17 Apr 2023
IPOAcquisition
Months after announcing it will not take on the commercialization of its own migraine drug-device, Satsuma Pharmaceuticals has found the buyer that it’s been looking for.
The sale to Japanese CRO Shin Nippon Biomedical Laboratories (SNBL) marks a full circle for Satsuma, which got started about six years ago as a spinout of SNBL. Its focus on a single lead asset — a dry-powder nasal formulation of an old migraine treatment dubbed dihydroergotamine, developed with SNBL’s drug delivery tech — won it $74 million in venture funding before it raised $82.5 million in a 2019 IPO.
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Source: EndPoints
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