Summary by Moomoo AI
On February 27, 2024, Arcutis Biotherapeutics, Inc., a Delaware-incorporated biopharmaceutical company, announced the signing of a significant License Agreement with Sato Pharmaceutical Co., Ltd., a Japanese firm. Under the agreement, Arcutis grants Sato an exclusive license to develop, manufacture, and commercialize two of its dermatological products, ZORYVE cream and foam, in Japan. The deal includes an upfront payment of $25 million to Arcutis, with the potential for additional regulatory and sales milestone payments totaling up to $40 million. Furthermore, Arcutis is set to receive royalties on net sales in Japan, ranging from low double-digit to mid-teen double-digit percentages, during the Royalty Term. The License Agreement will remain in effect until the end of the Royalty Term for each product and includes provisions for termination under certain conditions, such as material breach or insolvency. A detailed copy of the License Agreement will be included in Arcutis's upcoming Quarterly Report on Form 10-Q for the quarter ending March 31, 2024.