Liquidia Corp 8-K, filed Nov 25, 2022
Liquidia Corp (LQDA)
About this 8-K
Liquidia Corp filed this 8-K on November 25, 2022, reporting on events of November 18, 2022.
Items reported
- Item 1.01: Entered into a material agreement
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| Item 1.01 | Entry Into a Material Definitive Agreement. |
On November 18, 2022, Liquidia PAH, LLC, a Delaware limited liability company (formerly known as RareGen, LLC) (“Liquidia PAH”) and wholly-owned subsidiary of Liquidia Corporation, a Delaware corporation (the “Company”), entered into a Third Amendment to Promotion Agreement (the “Third Amendment”) with Sandoz Inc. (“Sandoz”). The Third Amendment amended that certain Promotion Agreement (the “Promotion Agreement”), dated as of August 1, 2018, by and between Liquidia PAH and Sandoz, as amended by that certain First Amendment to Promotion Agreement, dated as of May 8, 2020 and further amended by that certain Second Amendment to Promotion Agreement, dated as of September 4, 2020.
The Third Amendment provides for, among other things, (i) an agreement between Sandoz and Liquidia PAH to enter into an agreement with a third party for the development of a new pump for the subcutaneous administration of treprostinil (the “New Pump Development Agreement”), (ii) an agreement to split all development costs and milestone payments under the New Pump Development Agreement evenly between Liquidia PAH and Sandoz, (iii) an extension of the initial term of the Promotion Agreement to December 31, 2032, subject to certain renewal periods, (iv) an amendment to the profit sharing between Sandoz and Liquidia PAH to cover periods after December 31, 2028 such that, if aggregate net profits do not reach $500M prior to December 31, 2028, Liquidia PAH will receive 50% of all net profits thereafter, and (v) the addition of certain indemnification terms between Sandoz and Liquidia PAH with respect to the New Pump Development Agreement.
The foregoing description of the Third Amendment does not purport to be complete and is qualified in its entirety by reference to the complete terms and conditions of the Third Amendment to be filed as an exhibit to the Company’s next Form 10-K to be filed with the Securities and Exchange Commission (the “SEC”).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| November 25, 2022 | Liquidia Corporation | ||
| By: | /s/ Michael Kaseta | ||
| Name: | Michael Kaseta | ||
| Title: | Chief Financial Officer | ||