Concert Pharmaceuticals, Inc. (NASDAQ:CNCE) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
announced that it has signed an Asset Purchase Agreement with
Vertex Pharmaceuticals (Europe) Limited (Vertex) to which the
Company has agreed to sell and assign, subject to the
satisfaction or waiver of certain conditions, the cystic fibrosis
assets of the Company, including CTP-656, for up to $250 million.
Vertex has agreed to pay the Company $160 million in cash
consideration, with $16 million of such consideration to
initially be held in escrow. Additionally, upon the achievement
of certain milestone events, Vertex has agreed to pay the Company
an aggregate of up to $90 million after the closing. Of this
amount, $50 million will become payable to the Company upon
receipt of marketing approval for a combination treatment regimen
containing CTP-656 for patients with cystic fibrosis in the U.S.,
and $40 million will become payable to the Company upon
completion of a pricing and reimbursement agreement in the first
of the United Kingdom, Germany or France with respect to a
combination treatment regimen containing CTP-656 for patients
with cystic fibrosis.
agreement. The full text of the press release issued in
connection with the announcement is furnished as Exhibit 99.1 to
this Current Report on Form 8-K.
the year ended December 31, 2016. The full text of the press
release issued in connection with the announcement is furnished
as Exhibit 99.2 to this Current Report on Form 8-K.
Form 8-K, including Exhibit 99.2, shall not be deemed filed for
purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the Exchange Act), or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated
by reference in any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as expressly set forth by
specific reference in such a filing.
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(d)
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Exhibits
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Exhibit Index attached hereto.
About Concert Pharmaceuticals, Inc. (NASDAQ:CNCE)
Concert Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company is engaged in the discovery and development of small molecule drugs. The Company operates through the development of pharmaceutical products on its own behalf or in collaboration with others segment. It has clinical candidates under development, including AVP-786, CTP-656, CTP-730 and JZP-386. The Company’s deuterated chemical entity platform (DCE Platform) enables it to identify compounds for deuteration and to design, evaluate, develop and manufacture deuterated compounds. The Company is utilizing its DCE Platform to discover and develop product candidates for a range of indications. The Company’s product candidate, CTP-656, is a next generation potentiator that the Company is initially developing for the treatment of cystic fibrosis in patients having gating mutations, including the G551D mutation. AVP-786 is a combination of a deuterated dextromethorphan analog and a low dose of quinidine. Concert Pharmaceuticals, Inc. (NASDAQ:CNCE) Recent Trading Information
Concert Pharmaceuticals, Inc. (NASDAQ:CNCE) closed its last trading session up +0.05 at 9.65 with 59,255 shares trading hands.