Novan Inc. announced Tuesday that it entered into an agreement with a Japanese pharmaceutical company specializing in dermatology for approximately $11 million.

Durham-based Novan is a late-stage pharmaceutical company that works in developing and commercializing its nitric oxide skin therapies for patients with a variety of skin diseases.

The agreement gives Novan exclusive rights to develop and commercialize its topical nitrate-releasing product SB204 in Japan with Sato Pharmaceutical Co. Ltd.,.

This partnership will help Novan’s strategy to commercialize products in the United States, while establishing international partnerships to share the beneficial aspects of nitric oxide worldwide.

“Sato has established a strong position in the Japanese dermatology market,” said Nathan Stasko, CEO of Novan, in a statement. “This new partnership clearly illustrates Sato’s commitment to improving the treatment of acne and is consistent with Novan’s strategy.”

Novan’s shares on Tuesday opened at $23.50.

The filing can be found here.