-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OvZHbrNNNy3gbl41lYPijD4+0zECaontaQ3UUV92RXTn8uhOlzR+OvYi3glFvVhe ZeJ0fTmJShSkZmk66jfxAg== 0001104659-05-034862.txt : 20050729 0001104659-05-034862.hdr.sgml : 20050729 20050728202809 ACCESSION NUMBER: 0001104659-05-034862 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050721 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20050729 DATE AS OF CHANGE: 20050728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEPOMED INC CENTRAL INDEX KEY: 0001005201 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 943229046 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13111 FILM NUMBER: 05982587 BUSINESS ADDRESS: STREET 1: 1360 O'BRIEN DRIVE CITY: MENLO PARK STATE: CA ZIP: 94025 BUSINESS PHONE: 6504625900 MAIL ADDRESS: STREET 1: 1360 O'BRIEN DRIVE CITY: MENLO PARK STATE: CA ZIP: 94025 8-K 1 a05-13686_18k.htm 8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

Form 8-K

 

Current Report

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  July 21, 2005

 

DEPOMED, INC.

(Exact name of registrant as specified in its charter)

 

001-13111

(Commission File Number)

 

California

 

94-3229046

(State or other jurisdiction of
incorporation)

 

(I.R.S. Employer Identification No.)

 

1360 O’Brien Drive, Menlo Park, California 94019

(Address of principal executive offices, with zip code)

 

(650) 462-5900

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 


 

Item 1.01                                             Entry into a Material Definitive Agreement

 

On July 21, 2005, Depomed, Inc. (the “Company”) entered into an Exclusive License and Marketing Agreement with Esprit Pharma, Inc. (“Esprit”) related to Proquin XR, the Company’s extended release formulation of ciprofloxacin for the treatment of uncomplicated urinary tract infections (the “License Agreement”).  Under the License Agreement, Esprit has obtained exclusive marketing and distribution rights for Proquin® XR in the United States (including its possessions) and Puerto Rico.

 

The License Agreement requires that Esprit pay the Company a $5 million license fee on July 21, 2005 (the “Effective Date”), and additional license fees of $25 million within 15 days after the Effective Date, $10 million on the first anniversary of the Effective Date and $10 million on the second anniversary of the Effective Date.  In addition, the Company will receive royalties of 15% on the first $20 million of annual net sales of Proquin XR by Esprit, 17.5% on the next $20 million of annual net sales, 20% on the next $40 million of annual net sales and 25% on annual net sales in excess of $80 million.  The annual royalty payment is subject to a minimum royalty of $4.6 million in 2006 and $5 million in each subsequent year of the term.  Esprit’s royalty obligation expires upon the last to expire of Depomed’s United States patents covering Proquin XR.

 

The License Agreement obligates Esprit to launch Proquin XR within the U.S. urology market by November 1, 2005, and within other U.S. physician markets not later than six months after the launch within the urology market, provided that Proquin XR is available in commercial quantities at that time.

 

In connection with the License Agreement, Depomed and Esprit also entered into a related supply agreement pursuant to which Depomed will supply commercial quantities of Proquin XR to Esprit.

 

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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.

 

 

 

DEPOMED, INC.

 

 

 

 

Date:  July 27, 2005

By:

 /s/ John F. Hamilton

 

 

 

John F. Hamilton

 

 

Vice President, Finance and

 

 

Chief Financial Officer

 

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