Daré Bioscience (NASDAQ:DARE) +117.2% pre-market after saying it has signed a licensing agreement in which Bayer (OTCPK:BAYRY) may commercialize Daré’s Ovaprene investigational contraceptive product in the U.S. upon approval by the U.S. Food and Drug Administration.
Daré says the deal will entitle it to receive commercial milestone payments potentially totaling $310M, in addition to double digit tiered royalties on sales.
If Bayer makes payment to Daré of $20M, which Daré says it would apply to reimbursement of clinical study costs, then the exclusive license to commercialize Ovaprene in the U.S. will become effective.
Bayer says it would receive the right to obtain exclusive rights to commercialize the product in the U.S. following completion of a pivotal clinical trial being undertaken by Daré.
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