CASI PHARMACEUTICALS, INC. (NASDAQ:CASI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.Entry into a Material Definitive Agreement.
On January 26, 2018, CASI Pharmaceuticals, Inc. (the “Company”) entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) by and between the Company and Sandoz Inc. (“Sandoz”), to which the Company acquired a portfolio of 25 U.S. FDA-approved abbreviated new drug applications (ANDAs), 1 ANDA that FDA tentatively approved, 3 ANDAs that are pending FDA approval, and manufacturing and other information related to the products (the “Assets”). The purchase of the Assets closed simultaneously with the execution of the Asset Purchase Agreement.
to the Asset Purchase Agreement, the purchase price for the Assets was $18 million in cash paid at closing. The Asset Purchase Agreement contains customary representations, warranties, covenants and indemnification provisions.
Item 2.01.Completion of Acquisition or Disposition of Assets
On January 26, 2018, to the Asset Purchase Agreement described in Item 1.01, the Company completed the acquisition of the Assets from Sandoz. The information disclosed in response to Item 1.01 is incorporated herein by reference. In connection with the closing of the acquisition, and to an agreement between the Company and Beijing Zhi He Kang Dao Biotechnology Co. Ltd., the Company will pay a closing fee equal to 3.5% of the purchase price for services in connection with the identification of the opportunity, performing China due diligence and market research, and the implementation and strategic planning of the transaction.
Item 8.01.Other Events
On January 26, 2018, the Company issued a press release announcing the purchase of the Assets. A copy of the press release is furnished as Exhibit 99.1 and incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits.
CASI Pharmaceuticals, Inc. ExhibitEX-99.1 2 tv484208_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 www.casipharmaceuticals.com FOR IMMEDIATE RELEASE: CASI PHARMACEUTICALS ACQUIRES ANDA PORTFOLIO FROM SANDOZ INC. (SANDOZ) ROCKVILLE,…To view the full exhibit click here
About CASI PHARMACEUTICALS, INC. (NASDAQ:CASI)
CASI Pharmaceuticals, Inc. is a biopharmaceutical company. The Company is focused on the acquisition, development and commercialization of therapeutics for cancer and other medical needs. It operates through the development of targeted therapeutics for the treatment of cancer segment. Its product pipeline includes internal development of its lead drug candidate, ENMD-2076; MARQIBO, ZEVALIN and EVOMELA, and early-stage candidates in preclinical development. Its ENMD-2076 is an orally active, Aurora A/angiogenic kinase inhibitor with a kinase selectivity profile and multiple mechanisms of action. Its Marqibo is a sphingomyelin/cholesterol liposome-encapsulated, formulation of vincristine sulfate. Its ZEVALIN (ibritumomab tiuxetan) injection for intravenous use is a CD20-directed radiotherapeutic antibody. Its EVOMELA is an intravenous formulation of melphalan being investigated by Spectrum in the multiple myeloma transplant setting. Its pipeline also includes 2ME2 (2-methoxyestradial).