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Replies to post #132442 on Biotech Values
12/05/11 8:18 AM
The Company paid Virdante $4.5 million in cash at closing and has agreed to pay Virdante up to an aggregate of $51.5 in additional contingent milestone payments upon achievement of particular development goals for up to three products in the manner and on the terms and conditions set forth in the Purchase Agreement. The contingent milestone payments are structured to include potential payments related to products based upon the acquired assets as follows: (i) no more than $30 million if certain development and regulatory milestones are achieved for an initial product; (ii) no more than $15 million if certain development and regulatory milestones are achieved for a second product; and (iii) no more than $6.5 million if certain development and regulatory milestones are achieved for a third product if the development milestones for such third product are met within fifteen (15) years of the anniversary of the date of the Purchase Agreement.
The foregoing description of the Purchase Agreement is not complete and is qualified in its entirety by the full text of the Purchase Agreement, which the Company intends to file as an Exhibit to its Annual Report on Form 10-K for the period ending December 31, 2011.
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