- The parties have agreed to advance Aradigm’s proprietary inhaled ciprofloxacin formulations into Phase III clinical trials in BE.
- Grifols will be responsible for all development and clinical expenses up to a maximum of $65 million for the BE indication.
- Aradigm is entitled to receive cash payments of up to $25 million upon achievement of development milestones.
- Grifols is responsible for all commercialization activities and will pay Aradigm tiered royalties on worldwide sales of products utilizing Aradigm’s proprietary inhaled ciprofloxacin formulations.
- Grifols was granted an option to license Aradigm’s AERx ® pulmonary drug delivery platform for use with another molecule.
- In conjunction with the licensing agreement, Grifols acquired 35% of Aradigm’s common stock on a fully diluted basis at a price per share of $0.124 for a total investment of approximately $26 million.
- Existing Aradigm shareholders, including Tavistock Life Sciences Company and accounts managed by First Eagle Investment Management, LLC, and new investor Great Point Partners, LLC co-invested in the stock purchase transaction and purchased an additional approximately $15.4 million in Aradigm common stock. Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services (NYSE MKT:LTS) acted as placement agent for this transaction.
Grifols And Aradigm Corporation Complete The Closing Of Worldwide Licensing Agreement To Develop And Commercialize Pulmaquin®
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