Why Fresh Tracks Therapeutics (FRTX) Shares Are Skyrocketing

Fresh Tracks Therapeutics Inc FRTX shares are trading higher by 28.7% to $0.88 Friday morning after the company announced an $8.25 million buyout of its right to receive future sofpironium bromide payments from Botanix.

Fresh Tracks Therapeutics says the company has entered an APA Amendment with Botanix Pharmaceuticals Limited and its subsidiary, Botanix SB.

Under the terms of the APA Amendment, Botanix will pay $8.25 million in cash in lieu of all remaining amounts potentially payable by Botanix to the company, $6.60 million of which is payable to the company and the remaining $1.65 million is payable to the company's former licensor.

According to data from Benzinga Pro, FRTX has a 52-week high of $3.54 and a 52-week low of $0.45.