AntriaBio, LLC completed the acquisition of assets of PR Pharmaceuticals, Inc. from Creafund NV, KBC Asset Management NV and CreaFund CVBA.
January 07, 2013 at 04:00 am
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AntriaBio, LLC agreed to acquire assets of PR Pharmaceuticals, Inc. from Creafund NV, KBC Asset Management NV and CreaFund CVBA for $44.9 million on May 17, 2010. The purchase price includes a contingent payment of $44 million subject to the occurrence of certain events. $2 million will be paid related to the initiation of Phase 2b clinical studies for insuLAR, payable 30 days after the first closing of a patient in a formal Phase 2b clinical study, $2 million will be paid within 30 days after the exclusive licensee of InsuLAR in United States to a commercial pharmaceutical company, $5 million will be paid after the initiation of Phase 3 clinical studies for insuLAR, payable 30 days after the first closing of a patient in a formal Phase 3b clinical study, $10 million will be paid upon approval by the FDA or EMEA to allow the marketing sales of InsuLAR and $25 million, if 12 month cumulative sales of InsuLAR by AntriaBio, or license of AntriaBio reach $500 million in 12 months. AntriaBio, LLC will assume the liabilities of PR Pharmaceuticals Inc. related to license agreement and payments related to intellectual property. Escrow amount will be $0.1 million and will be paid at the time of closing. PR Pharmaceuticals Inc. shall pay to AntriaBio, LLC a termination fee of $0.5 million in the event of termination of agreement.
The transaction is subject to approval by the Boards of Directors of AntriaBio, LLC, approval of License agreement, overbid, third party approval, non competition agreement and approval of Bankruptcy court. The transaction is expected to close within 45 days from entry of the sale order.
As announced on November 10, 2014, AntriaBio terminated the $44 million contingent payment obligation in exchange for $0.055 million under terms that were approved by the United States Bankruptcy Court, District of Colorado on October 22, 2014. The deal value of the transaction now is $0.91 million. Peter J. Lucas of Appel & Lucas, P.C. acted as legal advisor to PR Pharmaceuticals, Inc. Micheal Weiner of Dorsey & Whitney, LLP acted as legal advisor to AntriaBio.
AntriaBio, LLC completed the acquisition of assets of PR Pharmaceuticals, Inc. from Creafund NV, KBC Asset Management NV and CreaFund CVBA on January 7, 2013.
Rezolute, Inc. is a clinical-stage biopharmaceutical company, which is developing therapies for metabolic diseases related to chronic glucose imbalance. The Companyâs lead clinical asset, RZ358, is in late-stage development for the treatment of congenital hyperinsulinism (HI), an ultra-rare pediatric genetic disorder characterized by excessive production of insulin by the pancreas in Phase III. RZ358 is an intravenously administered human monoclonal antibody that binds to a unique site (allosteric) on the insulin receptor in insulin target tissues, such as in the liver, fat and muscle. Its second clinical asset, RZ402, is an oral plasma kallikrein inhibitor (PKI) being developed as a therapy for the chronic treatment of diabetic macular edema (DME) in Phase II. RZ402 is designed to be a once daily oral therapy for the treatment of DME and unlike the anti-VEGF therapies, RZ402 targets the Kallikrein-Kinin System to address inflammation and vascular leakage.
REZOLUTE, INC. 
