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Athenex sells license to skin disease treatment

Athenex Inc. sold the license to its investigational skin disease treatment KX2-391 for an up-front fee and near-term payment of up to $55 million.

Almirall SA will develop the drug, currently in phase 3 development, for actinic keratosis and other skin conditions. The company's license covers the commercialization of the drug in the U.S. and European countries, including Russia.

Athenex is also eligible to receive up to an additional $65 million once certain milestones are met and up to a further $155 million if the drug exceeds certain sale projections. Athenex will also receive royalties on the sale of KX2-391, also known as KX-01, once it is commercialized.