AVANIR Pharmaceuticals
AVANIR Pharmaceuticals Completes Sale of FazaClo
Published in Healthcare Finance, Tax and Law Weekly, August 22nd, 2007
AVANIR Pharmaceuticals (NASDAQ:AVNR) announced that it has completed the sale of currently marketed, antipsychotic drug FazaClo(R) (clozapine, USP) to Azur Pharma, a specialty pharmaceutical company headquartered in Ireland. Upon close of the transaction AVANIR received an upfront payment of $42 million, plus an additional $1.9 million in working capital adjustments. Under the terms of the agreement, previously announced on July 3, 2007, AVANIR could receive up to an additional $10 million in payments in 2009 contingent upon certain regulatory conditions, and up to $2 million in royalties, based on 3% of annualized net product revenues in excess of $17 million.
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