Corcept Therapeutics Incorporated (NASDAQ:CORT) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On August 4, 2017, Corcept Therapeutics Incorporated (“Corcept”) entered into a distribution services agreement (the “Agreement”) with Optime Care, Inc. (“Optime”) to provide specialty pharmacy services to Corcept.
Under the terms of the Agreement, subject to certain exceptions, Optime will act as the exclusive specialty pharmacy distributor of Korlym® in the United States for the term of the Agreement. Optime will provide services related to pharmacy operations; patient intake, access and reimbursement; patient support; claims management and accounts receivable; and reporting. The initial term of the Agreement is five years from the effective date of August 4, 2017, unless earlier terminated its terms. The Agreement may be extended by the mutual written agreement of the parties. Under the terms of the Agreement, Optime will dispense Korlym to patients.Ownership of each Korlym shipment will pass directly to the patient when the patient receives it. At no time will Optime have title to the Korlym product.
The Agreement contains customary termination provisions, representations, warranties and covenants. Subject to certain limitations, Corcept will indemnify Optime for third-party claims related to Korlym.Each party will indemnify the other for certain breaches of representations, warranties, covenants and other specified matters.
The foregoing description of the Agreement is qualified in its entirety by reference to the Agreement, which will be filed as an exhibit to Corcept’s Quarterly Report on Form 10-Q for the period ending September 30, 2017.
Item 1.02 Termination of a Material Definitive Agreement.
On August 4, 2017, Corcept terminated the pharmaceutical manufacturer services agreement between itself and Dohmen Life Science Services, LLC (“Dohmen,” as successor to Centric Health Resources), dated as ofMay 21, 2013, as amended July 22, 2013 and again on October 6, 2014 (together, the “Dohmen Agreement”), to Section 5.2.2 of the Dohmen Agreement.
The material terms of the Dohmen Agreement are described in Corcept’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on May 24, 2013, as qualified by reference to the original agreement, a copy of which was filed as an exhibit to Corcept’s Quarterly Report on Form 10-Q filed with the SEC on August 9, 2013, the first amendment thereto, a copy of which was filed as an exhibit to Corcept’s Quarterly Report on Form 10-Q filed with the SEC on August 9, 2013, and the second amendment thereto, a copy of which was filed as an exhibit to Corcept’s Annual Report on Form 10-K filed with the SEC on March 13, 2015, which are incorporated herein by reference.
About Corcept Therapeutics Incorporated (NASDAQ:CORT)
Corcept Therapeutics Inc. is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic, psychiatric and oncologic disorders. The Company’s focus is on those disorders that are associated with a steroid hormone cortisol. Elevated levels and abnormal release patterns of cortisol have been implicated in a range of human disorders. The Company is developing mifepristone, a compound that modulates the effects of cortisol by acting as a competitive antagonist at the glucocorticoid receptor (GR). It has also discovered approximately three structurally distinct series of selective cortisol modulators, all of which share mifepristone’s affinity for GR but, unlike mifepristone, do not bind to the progesterone receptor, and so do not terminate pregnancy or cause other side effects associated with progesterone receptor antagonism. It has begun pre-clinical and clinical development of its lead compounds from these series.
