Benzinga | Apr 1, 2021 09:37AM EDT

Fortress Biotech's Partner Firm Expands Footprint In Dermatology With Qbrexza Acquisition

* Fortress Biotech Inc's (NASDAQ: FBIO) partner company Journey Medical Corporation has agreed to acquire Qbrexza (glycopyrronium) in the U.S. from Dermira Inc, a wholly-owned subsidiary of Eli Lilly And Co (NYSE: LLY).

* The transaction is expected to close early in the second quarter of this year. Qbrexza generated $24 million in net sales in the U.S. in 2020.

* Qbrexza is FDA approved treatment for primary axillary hyperhidrosis in adult and pediatric populations (ages nine years and older) and is self-administered by patients.

* Primary hyperhidrosis is a rare disorder characterized by excessive sweating on the hands' palms, the feet' soles, in the armpits (axillary), in the groin area, or under the breasts.

* Price Action: FBIO shares are up 4.25% at $3.68 in the premarket session on the last check Thursday.