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Journey Medical Corporation Enters into a Definitive Agreement with Dermira, Inc., a Wholly-Owned Subsidiary of Eli Lilly and Company, to Acquire QBREXZA®

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April 1, 2021

Journey Medical Corporation (“Journey Medical”), a partner company of Fortress Biotech, Inc. (NASDAQ: FBIO) (“Fortress”), today announced that it has entered into a definitive agreement to acquire QBREXZA (glycopyrronium) in the U.S. from Dermira, Inc., a wholly-owned subsidiary of Eli Lilly and Company.

The transaction is expected to close early in the second quarter of this year. QBREXZA generated $24 million in net sales in the U.S. in 2020.

QBREXZA is the only topical product to be approved by the U.S. Food and Drug Administration (FDA) for treatment of primary axillary hyperhidrosis in adult and pediatric populations (ages nine-years and older) and is self-administered by patients. Additionally, QBREXZA is noted as a first-line treatment therapy for primary axillary hyperhidrosis by the International Hyperhidrosis Society (IHHS).

Claude Maraoui, President and Chief Executive Officer of Journey Medical, stated, “We are thrilled to expand our footprint in dermatology with the addition of QBREXZA to our growing portfolio of prescription dermatology brands. Acquiring QBREXZA will allow us to provide an accessible and convenient product to the millions of Americans who seek relief from excessive underarm sweating, many of whom remain undiagnosed and untreated.”

In two key pivotal trials within adult and pediatric patients with primary axillary hyperhidrosis, use of QBREXZA resulted in clinically meaningful improvements in gravimetrically measured sweat production and disease severity, as measured by the Axillary Sweating Daily Diary, which was a validated, disease-specific patient-reported outcome developed in consultation with the FDA. The safety and efficacy of QBREXZA have been established in clinical trials with treatment for up to 48 weeks.

Hyperhidrosis is a condition of sweating beyond what is physiologically required for normal thermal regulation and affects an estimated 4.8% of the U.S. population, or approximately 15 million people.1 Of these, 65 percent, or nearly 10 million people, suffer from sweating localized to the underarms (axillary disease). Studies have demonstrated that excessive sweating often impedes normal daily activities and can also result in occupational, emotional, psychological, social and physical impairment.1,2

Lindsay A. Rosenwald, M.D., Chairman, President and Chief Executive Officer of Fortress, added, “The acquisition of QBREXZA marks continued progress for our partner company, Journey Medical, and demonstrates the success of Fortress’ unique business model, which is designed to acquire and rapidly advance potentially transformative products and product candidates to patients.”

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