Shan Ahmed Khan

Jaguar Health, Inc shares dropped roughly 9% Monday after announcing a U.S. licensing deal with an affiliate of private company Future Pak, potentially generating up to $38 million for its crofelemer products. The stock last traded near $0.96, after earlier surging as much as 38%, fluctuating between $0.94 and $1.45 on about 24 million shares. Under the deal, Future Pak will hold exclusive U.S. marketing rights for Mytesi and Canalevia-CA1. Jaguar will receive an $18 million upfront fee — $16 million at closing plus $2 million contingent on post-closing terms — and up to $20 million in milestone and other payments, while continuing to manufacture the drugs.