The transaction provides Satsuma shareholders with immediate value and liquidity

SNBL will acquire all outstanding shares of Satsuma for an upfront cash payment of $0.91 per share

Satsuma shareholders will also receive non-tradable CVR of up to $5.77 per share

With the goal of maximizing shareholder value, the Satsuma Board of Directors has carefully reviewed strategic options for Satsuma and STS101 and fully supports this transaction with SNBL

SOUTH SAN FRANCISCO, Calif., April 16, 2023 (GLOBE NEWSWIRE) — Satsuma Pharmaceuticals, Inc. (“Satsuma”) STSA announced today that it has entered into a definitive agreement to be acquired by Shin Nippon Biomedical Laboratories, Ltd. (TSE: 2395, “SNBL”) for $0.91 in cash per share upon closing of the transaction, plus a non-tradable contingent security (“CVR”) of up to $5.77 per share. The CVR is payable on future sales, licensing or other monetization events related to STS101 (dihydroergotamine (DHE) nasal powder), a novel therapeutic product candidate for the acute treatment of migraine (subject to certain terms and conditions, as further detailed below). Satsuma filed a New Drug Application (“NDA”) with the U.S. Food and Drug Administration (“FDA”) in March 2023 for STS101, which includes nasal powder formulation and delivery device technologies developed by SNBL and exclusively licensed by Satsuma.

“We are very pleased to announce that SNBL will be involved in bringing to market this novel intranasal drug, developed based on SNBL’s novel intranasal delivery platform technology, pending potential FDA approval,” commented Dr. Ryoichi Nagata, Chairman and President of SNBL. “We believe that STS101 will help improve the quality of life for migraine sufferers. In line with SNBL’s corporate mission of ‘supporting drug discovery and the advancement of medical technology to alleviate human suffering’, we look forward to the potential of STS101 becoming one. ..