Veru Sells FC2 Condom Business For $18 Million, Focuses On Biopharma Pipeline

Veru Inc. (NASDAQ:VERU) shares jumped on Tuesday after the company disclosed the sale of its FC2 Female Condom (Internal Condom) business to clients managed by Riva Ridge Capital Management LP and co-investors for $18 million. As a result of the FC2 business sale, Veru’s workforce will be reduced by approximately 90%, from 210 employees to 22. After deducting the change of control premium to SWK Funding LLC under the company’s Residual Royalty Agreement, along with customary transaction fees, VeRead More