Durect (DRRX)

[realfast95]

Item 1.02. Termination of a Material Definitive Agreement



On July 24, 2017, Impax Laboratories, Inc. provided notice to DURECT that Impax is terminating the Asset Transfer and License Agreement dated January 3, 2014, which termination will be effective pursuant to the terms of such agreement on October 24, 2017. Termination returns to DURECT the development and commercialization rights to ELADUR ® (TRANSDUR ® -Bupivacaine). ELADUR is an investigational transdermal patch intended to deliver bupivacaine, a local analgesic. A summary of the material terms of the Impax Agreement was included in the Company’s Annual Report on Form 10-K filed on March 15, 2017, which is qualified in its entirety by reference to the full text of the Agreement (filed as Exhibit 10.75 to our Quarterly Report on Form 10-Q (File No. 000-31615) filed with the SEC on May 2, 2014 and incorporated by reference).