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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cara Therapeutics Inc | NASDAQ:CARA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.006 | 0.78% | 0.7782 | 0.7715 | 0.7815 | 0.7969 | 0.7571 | 0.7969 | 159,125 | 22:05:25 |
By Colin Kellaher
Cara Therapeutics Inc. on Tuesday said the U.S. Food and Drug Administration's recent approval of Korsuva triggers a $50 million equity investment from partner Vifor Pharma AG.
Cara, a Stamford, Conn., biopharmaceutical company, last year signed a license agreement giving Swiss pharmaceuticals company Vifor full U.S. commercialization rights to Korsuva in the U.S. dialysis segment.
The FDA last week approved Korsuva for the treatment of moderate-to-severe pruritus, a systemic itch condition, in hemodialysis patients.
As part of the licensing agreement, Vifor will buy about 3.28 million Cara shares at $15.23 apiece, a 20% premium to the 30-day average price prior to the FDA approval, Cara said in a filing with the Securities and Exchange Commission. The stock closed at $14.83 on Monday.
Vifor is already Cara's largest shareholder, with a roughly 14% stake, according to FactSet.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 31, 2021 08:14 ET (12:14 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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