Financial Wire

Botanix Signs Term Sheet With Second Active Pharmaceutical Ingredient Supplier; Shares Jump 6%

-- Botanix Pharmaceuticals (ASX:BOT) agreed to terms with PPL Pharma Solutions Riverview for a proposed manufacturing and supply arrangement for Sofdra, the company's treatment for primary axillary hyperhidrosis, or excessive underarm sweating, according to a Thursday Australian bourse filing.

Under the terms, PPL Pharma will start development services and serve as an alternate commercial supplier of sofpironium bromide, the active pharmaceutical ingredient in Sofdra.

The technical transfer will start immediately, and the companies will negotiate a definitive commercial active pharmaceutical ingredient supply agreement, the filing said. The establishment of an alternate supplier is anticipated to provide a potential reduction of 25% to 40% in the cost of goods sold and increase gross profit.

Botanix Pharmaceuticals' shares jumped nearly 6% in recent trading on Thursday.

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Botanix Signs Term Sheet With Second Active Pharmaceutical Ingredient Supplier; Shares Jump 6% | Financial Wire