DURECT CORPORATION (NASDAQ:DRRX) Files An 8-K Termination of a Material Definitive AgreementItem 1.02. Entry Into a Material Definitive Agreement
On September 26, 2017, DURECT Corporation (“DURECT” or the “Company”) entered into a Patent Purchase Agreement (the “Agreement”) with Indivior UK Limited (“Indivior”). to the Agreement, DURECT has assigned to Indivior certain patents that may provide further intellectual property protection for RBP-7000, Indivior’s investigational once-monthly injectable risperidone product for the treatment of schizophrenia.In consideration for such assignment, Indivior has made an upfront non-refundable payment to DURECT of $12.5 million, and has also agreed to make an additional $5 million payment to DURECT contingent upon the achievement of a regulatory milestone, as well as quarterly earn-out payments that are based on a single digit percentage of U.S. net sales for certain products covered by the assigned patent rights, including RBP-7000. The assigned patent rights include granted patents extending through at least 2026.DURECT also receives a non-exclusive right under the assigned patents to develop and commercialize certain risperidone-containing products and products that do not contain risperidone or buprenorphine.The agreement contains customary representations, warranties and indemnities of the parties.
Item 8.01 Other Events
The Company issued a press release announcing this event on October 2, 2017, a copy of which is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 Press Release of DURECT Corporation dated October 2, 2017
DURECT CORP ExhibitEX-99.1 2 drrx-ex991_6.htm EX-99.1 drrx-ex991_6.htm Exhibit 99.1 DURECT and Indivior PLC Sign a $17.5 Million Patent Purchase Agreement Agreement Relates to Intellectual Property for RBP-7000,…To view the full exhibit click here
About DURECT CORPORATION (NASDAQ:DRRX)
Durect Corporation is a biopharmaceutical company with research and development programs. The Company’s products candidates include DUR-928, oral for metabolic/lipid disorders, and DUR-928, injectable for acute organ injuries. Its other product candidates include POSIMIR (controlled release injection of bupivacaine), REMOXY (oral controlled release oxycodone), ORADUR-ADHD, ELADUR (controlled release injection of bupivicane), Relday (risperidone), ORADUR-based opioid (hydromorphone) and SABER-based ophthalmic. The Company’s ALZET product line consists of miniature, implantable osmotic pumps and accessories used for experimental research in mice, rats and other laboratory animals. The Company also manufactures and sells osmotic pumps used in laboratory research and design; and develops and manufactures a range of standard and custom biodegradable polymers and excipients for pharmaceutical and medical device clients for use as raw materials in their products.
