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Item 8.01. Other Events
On September 28, 2022, Harmony Biosciences, LLC (“Harmony”), a subsidiary of Harmony Biosciences Holdings, Inc., closed the License and Commercialization Agreement (the “2022 LCA”) with Bioprojet Société Civile de Recherche (“Bioprojet”) that was entered into on July 31, 2022, upon clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and completion of other customary closing conditions.
Under the provisions of the 2022 LCA, Harmony obtained exclusive rights to manufacture, use and commercialize one or more new products based on pitolisant, in the United States and Latin America, with the potential to add additional indications and formulations upon agreement of both parties. Harmony will pay an upfront, nonrefundable $30 million licensing fee to Bioprojet in the fourth quarter of 2022, as well as additional payments of up to $150 million due under the 2022 LCA upon the achievement of certain future development and sales-based milestones. In addition, there are certain other payments due upon achievement of development milestones for new indications and formulations agreed upon by both parties. The 2022 LCA also requires a fixed trademark royalty and a tiered royalty based on net sales upon commercialization, which will be payable to Bioprojet on a quarterly basis.
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.
HARMONY BIOSCIENCES HOLDINGS, INC. | ||
Date: October 3, 2022 | By: | /s/ John C. Jacobs |
John C. Jacobs | ||
President and Chief Executive Officer | ||