Redeye sees no big drama in the termination of the license agreement with Taisho Pharmaceutical in Japan. The company regains full rights to the product in Japan and retains the milestone payments of USD 5m. With a strategic revaluation in Taisho moving away from the dermatology field, it is better to get this termination to get a new partner well ahead of a potential launch. We are not changing our estimates or view of Moberg Pharma. The product’s strength makes us believe that Moberg Pharma will get a partner in Japan that suits the needs of that market in due time. The fact that they can retain the milestone payment is a clear positive.
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