Japan's Maruho Co.Ltd. secured the rights to commercialize Solasia Pharma K.K.'s SP-04 in the country.

Maruho will pay ¥1 billion to Solasia, also based in Japan, as upfront consideration and has agreed to pay up to a further ¥18 billion once the therapy meets certain development and marketing milestones. SP-04, also known as PledOx, is still undergoing clinical studies and Solasia will exclusively supply the drug to Maruho after its development.

SP-04 is being studied as a treatment for chemotherapy induced nerve damage.

Maruho is also acquiring 9.7% of Solasia by purchasing 11,324,000 common shares of the company via a third-party allotment. Maruho will buy the shares at ¥151 each.

Solasia plans to use the net proceeds for in-licensing and development of a new drug called SP-05.

Maruho is a privately held company that focuses on therapies for skin disorders caused by cancer treatment.

As of Dec. 9, US$1 was equivalent to 108.60 Japanese yen.