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Subsequent Event
12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Event

 

15. Subsequent Event

 

On January 12, 2021, La Jolla Pharmaceutical Company and certain of its wholly owned subsidiaries, including La Jolla Pharma, LLC and Tetraphase, entered into an exclusive licensing agreement (the “PAION License”) with PAION AG and its wholly owned subsidiary (collectively, “PAION”) to commercialize GIAPREZA and XERAVA in the European Economic Area, the United Kingdom and Switzerland (the “PAION Territory”) whereby La Jolla is entitled to receive an upfront cash payment of $22.5 million plus potential commercial milestone payments of up to $109.5 million and double-digit tiered royalty payments. As of the date this Annual Report on Form 10-K is filed with the SEC, La Jolla has received $19.1 million, which is the upfront cash payment of $22.5 million less a 15% refundable German tax withholding. The German tax withholding refund is expected to be received in the second quarter of 2021.