Swedish pharma company Moberg Pharma AB has signed an exclusive license agreement with Taisho Pharmaceutical Co., Ltd for development, registration and commercialization of MOB-015 in Japan.

Under the agreement, Moberg Pharma is eligible to receive milestones of up to $50 million contingent on development and commercial success, as well as supply fees including royalties.

MOB-015 is a new topical treatment of onychomycosis, fungal infection of the nail, based on Moberg's patented proprietary formulation of terbinafine.

Taisho will fund and conduct the development and registration activities in Japan, and will be marketing, distributing and selling MOB-015 in Japan upon completion of registration.

MOB-015 is an internally developed topical formulation of terbinafine based on Moberg Pharma's experience from previously having developed and commercialized a leading OTC product for onychomycosis. Oral terbinafine is currently the gold standard for treating onychomycosis but associated with safety issues, including drug interactions and liver damage