Journey Medical Corp entered into a definitive agreement to acquire Qbrexza from Dermira, Inc. for $160 million on March 31, 2021. Under the terms of the agreement, Journey will make an upfront $12.5 million cash payment to Dermira, and Dermira will be eligible to receive cash payments of up to $144 million in the aggregate upon the achievement of certain milestones. QBREXZA generated $24 million in net sales in the U.S. in 2020.

The transaction is subjected to antitrust and third party approvals and is expected to close early in the second quarter of 2021. As of April 12, 2021, the transaction is expected to close in May 2021. Raymond O. Gietz, Amy M. Rubin, Helyn S. Goldstein, Jeffrey D. Osterman, John E. Scribner, Raymond O. Gietz and Vadim M. Brusser of Weil, Gotshal & Manges LLP acted as legal advisor to Dermira, Inc. Kenneth Krisko of Cooley LLP acted as legal advisor to Journey Medical Corp