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Title: |
Asset Purchase Agreement |
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Date: |
2007 |
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Preview shows 14KB of 128KB total |
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$40 |
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ID: |
#2868915 |
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ASSET PURCHASE AGREEMENT
dated as of April 10, 2006
by and between
ABBOTT LABORATORIES
("Seller")
and
IMARX THERAPEUTICS, INC.
("Buyer")
===============================================================================
{PAGE}
TABLE OF CONTENTS
PAGE
----
ARTICLE 1 DEFINITIONS.................................................... 1
1.1 Definitions................................................... 1
ARTICLE 2 PURCHASE AND SALE.............................................. 4
2.1 Agreements to Purchase and Sell............................... 4
2.2 Excluded Assets............................................... 5
2.3 Assumed Liabilities........................................... 7
2.4 Excluded Liabilities.......................................... 7
2.5 Procedures for Purchased Assets not Transferable.............. 8
ARTICLE 3 PURCHASE PRICE; CONSISTENT TREATMENT........................... 9
3.1 Purchase Price................................................ 9
3.2 Payment of Purchase Price..................................... 9
3.3 Purchase Price Allocation..................................... 9
3.4 Prorations.................................................... 9
ARTICLE 4 CLOSING........................................................ 9
4.1 Closing Date.................................................. 9
4.2 Transactions at Closing....................................... 9
ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF SELLER....................... 10
5.1 Organization.................................................. 10
5.2 Due Authorization............................................. 10
5.3 Inventory, Equipment and Raw Materials........................ 11
5.4 Title......................................................... 11
5.5 Intellectual Property......................................... 11
5.6 Litigation.................................................... 11
5.7 Consents...................................................... 12
5.8 Brokers, Etc.................................................. 12
5.9 Financial Information......................................... 12
5.10 Absence of Undisclosed Liabilities............................ 12
5.11 Absence of Unusual Changes and Unusual Transactions........... 12
5.12 Governmental Authorizations................................... 12
5.13 Contracts..................................................... 12
5.14 Tax Matters................................................... 13
5.15 Cell Banks.................................................... 13
5.16 Disclaimer.................................................... 13
ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF BUYER........................ 14
6.1 Organization.................................................. 14
6.2 Due Authorization............................................. 14
6.3 Consents...................................................... 14
6.4 Litigation.................................................... 14
6.5 Breach of Representations and Warranties...................... 14
6.6 Brokers, Etc.................................................. 14
6.7 Independent Investigation..................................... 15
6.8 Indebtedness.................................................. 15
i
{PAGE}
TABLE OF CONTENTS
PAGE
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ARTICLE 7 PRE-CLOSING COVENANTS OF SELLER AND BUYER...................... 15
7.1 Corporate and Other Actions................................... 15
7.2 Consents and Approvals........................................ 15
7.3 Competition Law Filings....................................... 15
7.4 Access to Information......................................... 16
7.5 Ordinary Course of Business................................... 16
ARTICLE 8 CONDITIONS..................................................... 16
8.1 Conditions to Obligations of Seller........................... 16
8.2 Conditions to Obligations of Buyer............................ 17
ARTICLE 9 POST-CLOSING COVENANTS, OTHER AGREEMENTS....................... 18
9.1 Assumed Liabilities........................................... 18
9.2 Availability of Records....................................... 18
9.3 Use of Trade or Service Marks................................. 19
9.4 Tax Matters................................................... 19
9.5 Chargebacks................................................... 20
9.6 Non-competition by Seller..................................... 20
9.7 Regulatory Transfer........................................... 20
9.8 Post-Closing Delivery......................................... 20
9.9 Transition Services........................................... 20
9.10 No Other Compensation......................................... 21
ARTICLE 10 INDEMNIFICATION AND SURVIVAL.................................. 21
10.1 Indemnification by Seller..................................... 21
10.2 Indemnification by Buyer...................................... 22
10.3 Survival...................................................... 23
10.4 Exclusive Remedy.............................................. 24
10.5 Net Losses and Subrogation.................................... 24
10.6 Insurance..................................................... 24
ARTICLE 11 TERMINATION................................................... 25
11.1 Termination of Agreement...................................... 25
11.2 Automatic Termination......................................... 25
11.3 Continuing Effectiveness...................................... 25
ARTICLE 12 MISCELLANEOUS................................................. 25
12.1 Assignment.................................................... 25
12.2 No Press Release Without Consent.............................. 25
12.3 Confidentiality............................................... 26
12.4 Expenses...................................................... 26
12.5 Severability.................................................. 26
12.6 Entire Agreement.............................................. 26
12.7 No Third Party Beneficiaries.................................. 27
12.8 Waiver........................................................ 27
12.9 Governing Law................................................. 27
12.10 Headings...................................................... 27
12.11 Counterparts.................................................. 27
ii
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TABLE OF CONTENTS
PAGE
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12.12 Further Documents............................................. 27
12.13 Notices....................................................... 27
12.14 Schedules..................................................... 28
12.15 Construction.................................................. 29
iii
{PAGE}
EXHIBITS AND SCHEDULES
EXHIBITS
Exhibit A - Assignment and Assumption Agreement
Exhibit B - Intellectual Property Transfer Agreement
Exhibit C - Inventory Trademark License Agreement
Exhibit D - Promissory Note
Exhibit E - Security Agreement
Exhibit F - Escrow Agreement
Exhibit G - Testing Procedures
SCHEDULES
Schedule 1.1 - Knowledge Persons
Schedule 2.1(b) - Transferred Intellectual Property
Schedule 2.1(c) - Cell Banks
Schedule 2.1(d)(i) - Contracts
Schedule 2.1(f) - Seller Labeled Inventory
Schedule 2.1(g) - Sales Materials
Schedule 2.1(h) - Product Applications
Schedule 2.1(j) - Stock in Trade
Schedule 2.1(k) - Raw Materials
Schedule 2.5 - Mixed GPO Contracts
Schedule 5.4 - Title
Schedule 5.5 - Intellectual Property
Schedule 5.6 - Litigation
Schedule 5.7 - Seller Consents
Schedule 5.9 - Financial Data
Schedule 5.12 - Governmental Authorizations
Schedule 6.3 - Buyer Consents
Schedule 6.8 - Indebtedness
iv
{PAGE}
ASSET PURCHASE AGREEMENT
THIS AGREEMENT, dated as of April 10, 2006 is entered into by and between
ABBOTT LABORATORIES, an Illinois corporation ("Seller"), and IMARX THERAPEUTICS,
INC., a Delaware corporation ("Buyer").
WHEREAS, Seller wishes to sell to Buyer the Purchased Assets and Assumed
Liabilities (each as defined below), and Buyer wishes to purchase such assets
from Seller and to assume such liabilities.
NOW, THEREFORE, in consideration of the premises and mutual covenants,
agreements and provisions herein contained, the parties hereto agree as follows:
ARTICLE 1
Definitions
1.1 Definitions. The following terms have the following meanings when used
herein:
"$" means United States dollars.
"Affiliate" means, with respect to any Person, any other Person directly
or indirectly controlling or controlled by, or under direct or indirect common
control with, such Person. For purposes of this definition, a Person shall be
deemed to control another Person if it owns or controls more than fifty percent
(50%) of the voting equity of the other Person (or other comparable ownership if
the Person is not a corporation). For purposes of clarification, with respect to
Seller, the term "Affiliate" shall specifically exclude TAP Holdings Inc., TAP
Finance Inc. and TAP Pharmaceuticals Products Inc.
"Agreement" means this Asset Purchase Agreement, including all Schedules
and Exhibits hereto, as it may be amended from time to time in accordance with
its terms.
"Allocation Schedule" has the meaning set forth in Section 3.3.
"Annual Report" means an annual report filed by Seller with the FDA
relating to the Product.
"Assignment and Assumption Agreement" means the Assignment and Assumption
Agreement and Bill of Sale in substantially the form attached hereto as Exhibit
A.
"Assumed Liabilities" has the meaning set forth in Section 2.3.
"Buyer" has the meaning set forth in the recitals hereof.
"Cell Banks" has the meaning set forth in Section 2.1(c).
"Chargeback" means all credits, chargebacks, rebates, reimbursements,
administrative fees, and other amounts owed to wholesalers, distributors, group
purchasing organizations,
{PAGE}
insurers, and other institutions pursuant to any Contract. "Seller Chargeback"
means Chargebacks arising out of Products sold to customers prior to the Closing
and "Buyer Chargeback" means Chargebacks arising out of transactions consummated
on or after the Closing.
"Closing" means the closing of the purchase and sale of the Purchased
Assets and assumption of the Assumed Liabilities contemplated by this Agreement.
"Closing Date" means April 28, 2006, or such other date as may be mutually
agreed upon by the Buyer and Seller.
"Confidential Information" has the meaning set forth in Section 12.3.
"Contracts" has the meaning set forth in Section 2.1(d).
"Disclosure Schedules" shall mean those schedules attached hereto.
"Encumbrance" means any encumbrance, lien, charge, pledge, mortgage, title
retention agreement, security interest of any nature, adverse claim, exception,
reservation, easement, right of occupation, any matter capable of registration
against title, option, right of pre-emption or privilege or any agreement or
other commitment, whether written or oral, to create any of the foregoing.
"Escrow Agreement" means the Escrow Agreement in substantially the form
attached hereto as Exhibit F.
"Excluded Assets" has the meaning set out in Section 2.2.
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