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Title: |
Asset Purchase Agreement |
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Entities: |
Nastech Pharmaceutical Co. Inc.; Schwarz Pharma, Inc.; Mayer, Brown, Rowe & Maw |
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Date: |
2002 |
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Size: |
Preview shows 18KB of 75KB total |
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Price: |
$45 |
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ID: |
#308950 |
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ASSET PURCHASE AGREEMENT
Between
SCHWARZ PHARMA, INC.
and
NASTECH PHARMACEUTICAL COMPANY, INC.
Dated September 30, 2002
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C} {C}
1. DEFINITIONS.........................................................................1
1.1 Defined Terms................................................................1
1.2 Other Definitional and Interpretative Matters................................4
2. PURCHASE AND SALE OF ASSETS.........................................................4
2.1 Purchased Assets.............................................................4
2.2 Excluded Assets..............................................................5
2.3 Assumed Liabilities..........................................................5
2.4 Excluded Liabilities.........................................................5
2.5 Purchase Price...............................................................5
2.6 Further Assurances...........................................................6
2.7 Bulk Sales Law...............................................................6
2.8 Taxes........................................................................6
3. REPRESENTATIONS AND WARRANTIES OF SELLER............................................7
3.1 Organization.................................................................7
3.2 Enforceability of Agreement..................................................7
3.3 No Violation.................................................................7
3.4 Consents.....................................................................7
3.5 Title to Properties..........................................................8
3.6 Product Quality..............................................................8
3.7 Compliance with Laws.........................................................8
3.8 Legal Proceedings............................................................8
3.9 No Finder....................................................................8
4. REPRESENTATIONS AND WARRANTIES OF BUYER.............................................8
4.1 Organization.................................................................9
4.2 Enforceability of Agreement..................................................9
4.3 No Inconsistent Obligations..................................................9
4.4 Consents.....................................................................9
4.5 Legal Proceedings............................................................9
4.6 No Finder...................................................................10
5. CERTAIN COVENANTS..................................................................10
5.1 Tax Reporting and Allocation of Consideration...............................10
5.2 Effort to Close.............................................................10
5.3 Returned Products...........................................................10
5.4 Government Rebates, Chargebacks and Similar Items...........................10
5.5 Certain Names...............................................................10
5.6 Confidential Information....................................................11
5.7 NDC Number..................................................................11
5.8 Promotional Materials.......................................................11
{/TABLE}
-i-
{PAGE}
TABLE OF CONTENTS
(Continued)
{TABLE}
{CAPTION}
Page
----
{S} {C} {C}
6. CLOSING............................................................................12
6.1 Documents to be Delivered by Seller.........................................12
6.2 Documents to be Delivered by Buyer..........................................12
6.3 Closing Date................................................................13
6.4 Contemporaneous Effectiveness...............................................13
7. CONDITIONS PRECEDENT TO CLOSING....................................................13
7.1 Legal Proceedings...........................................................13
7.2 Performance.................................................................13
7.3 Government Consents.........................................................13
8. INDEMNIFICATION....................................................................13
8.1 Survival of Representations and Warranties..................................14
8.2 General Agreement to Indemnify..............................................14
8.3 General Procedures for Indemnification......................................15
8.4 Indemnification Exclusive Remedy............................................16
9. MISCELLANEOUS PROVISIONS...........................................................17
9.1 Notices.....................................................................17
9.2 Expenses....................................................................18
9.3 Entire Agreement; Modification..............................................18
9.4 Assignment; Binding Effect; Severability....................................18
9.5 Governing Law...............................................................18
9.6 Submission to Jurisdiction..................................................18
9.7 Waiver of Jury Trial........................................................18
9.8 Execution in Counterparts...................................................19
9.9 Public Announcement.........................................................19
9.10 No Third-Party Beneficiaries................................................19
10. TERMINATION AND WAIVER.............................................................19
10.1 Termination.................................................................19
10.2 Effect of Termination.......................................................20
10.3 Waiver of Agreement.........................................................20
10.4 Amendment of Agreement......................................................20
{/TABLE}
-ii-
{PAGE}
TABLE OF CONTENTS
(Continued)
{TABLE}
{CAPTION}
Page
----
{S} {C} {C} {C}
EXHIBITS
Exhibit A - Form of Assignment and Bill of Sale [not included]
Exhibit B - Form of Assumption Agreement [not included]
Exhibit C - Form of Loan Agreement [executed copy filed as Exhibit 10.1 to
Form 8-K filed on October 15, 2002]
Exhibit D - Form of Security Agreement [executed copy filed as Exhibit 10.2 to Form
8-K filed on October 15, 2002]
Exhibit E - Form of Trademark Security Agreement [not included]
Exhibit F - Form of Patent Security Agreement [not included]
Exhibit G - Form of Termination and Mutual Release Agreement [executed copy filed
as Exhibit 10.3 to Form 8-K filed on October 15, 2002]
Exhibit H - Form of Press Release [filed as Exhibit 99.1 to Form 8-K filed on
October 15, 2002]
{/TABLE}
-iii-
{PAGE}
ASSET PURCHASE AGREEMENT
This ASSET PURCHASE AGREEMENT, dated as of September 30, 2002 (this
"Agreement"), is by and between Nastech Pharmaceutical Company, Inc., a Delaware
corporation (the "Buyer") and Schwarz Pharma, Inc., a Delaware corporation (the
"Seller").
WITNESSETH:
WHEREAS, Buyer and Seller entered into that certain License and Supply
Agreement, dated as of July 25, 1997 (as amended on November 24, 2000, the
"License Agreement") in respect of the pharmaceutical product Nascobal; and
WHEREAS, Seller wishes to sell, assign and transfer to Buyer and Buyer
wishes to purchase from Seller all of Seller's right, title and interest in and
to Nascobal arising out of the License Agreement or otherwise for the
consideration and on the terms specified herein.
NOW THEREFORE, in consideration of the premises, the mutual promises
made herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
1. Definitions.
1.1 Defined Terms. Capitalized terms used in this Agreement, including
in the Recitals hereto, shall have the meanings given below or provided
parenthetically herein:
"Affiliate" of any Person means any Person, directly or indirectly
controlled by, controlling or under common control with, such Person. For
purposes of this Agreement, "control" means the power to direct the management
and policies of a Person, whether through the ownership of voting securities, by
agreement or otherwise.
"Assumed Liabilities" means the liabilities and obligations of Seller
assumed by Buyer pursuant to the Assumption Agreement and Section 2.3.
"Best Efforts" means, as to any party obligated to use its Best Efforts
to accomplish a particular objective, that the obligated party is required to
make a diligent, reasonable and good faith effort to accomplish the applicable
objective. Such obligation, however, does not require that the obligated party
act in a manner that would be contrary to normal commercial practices in order
to accomplish the objective. The fact that the objective is not actually
accomplished is no indication that the obligated party did not in fact utilize
its Best Efforts in attempting to accomplish the objective.
"Business" means the development, manufacture, marketing, sale and
distribution of Nascobal in the Territory.
"Business Day" means a day that is not a Saturday, a Sunday or a
statutory or civic holiday in the States of Wisconsin or Washington or any other
day on which the principal offices of either Seller or Buyer are closed or
become closed prior to 2:00 p.m. local time whether in
-1-
{PAGE}
accordance with established company policy or as a result of unanticipated
events, including adverse weather conditions.
"Closing" means the closing of the transactions described in Article 6.
"Closing Date" means the date of the Closing as determined pursuant to
Section 6.3.
"Code" means the Internal Revenue Code of 1986, as amended.
"Collateral" has the meaning given in the Security Agreement.
"Encumbrance" means any lien, claim, charge, security interest,
mortgage, pledge, easement, conditional sale or other title retention agreement,
covenant or other similar restrictions affecting the Purchased Assets.
"Excluded Assets" means the properties and assets of the Business
excluded from the Purchased Assets by Section 2.2.
"Excluded Liabilities" means the liabilities and obligations that are
not assumed by Buyer as provided in Section 2.4.
"FDA" means the U.S. Food and Drug Administration.
"GAAP" means U.S. generally accepted accounting principles consistently
applied in accordance with past practices.
"Governmental Body" means any legislative, executive or judicial unit of
any governmental entity (federal, state or local) or any department, commission,
board, agency, bureau, official or other regulatory, administrative or judicial
authority thereof.
"Governmental Permits" means all the governmental permits and licenses,
certificates of inspection, approvals or other authorizations issued to Seller
with respect to the Business and necessary for the operation of the Business.
"Inventory" means any finished and unsold Nascobal units which Seller
holds title to or is in possession immediately after the Closing.
"IRS" means the U.S. Internal Revenue Service.
"License Agreement" has the meaning given in the recitals hereto.
"Loan Agreement" means a Loan Agreement in the form set forth at Exhibit
C hereto.
"Nascobal" means an intranasal form of cyanocobalamin/vitamin B-12 in
all dosage strengths and sizes that may, pursuant to applicable laws and
regulations, be manufactured, marketed and sold in the Territory under the
approved NDA, together with all expansions and
-2-
{PAGE}
improvements to Nascobal which may be included in any supplement, modification
or addition to the NDA.
"NDA" means New Drug Application No. 19-722.
"Patent Security Agreement" means a Security Agreement in the form set
forth at Exhibit F hereto.
"Permitted Encumbrances" means (i) statutory Encumbrances for current
taxes, assessments or other governmental charges not yet delinquent or the
amount or validity of which is being contested in good faith by appropriate
proceedings; (ii) mechanics', carriers', workers', repairers' and similar
Encumbrances arising or incurred in the ordinary course of business that are not
in the aggregate material to the Business; (iii) Liens created in connection
with any Transaction Agreement; and (iv) such other imperfections in title,
charges, easement, restrictions and encumbrances which do not in the aggregate
have a material adverse effect on the Purchased Assets, taken as a whole.
"Person" means any individual, corporation, partnership, limited
liability company, firm, association, joint venture, joint stock company, trust,
unincorporated organization or other entity, or any government or regulatory,
administrative or political subdivision or agency, department or instrumentality
thereof.
"Proprietary Information" means all information (whether or not
protectable by patent, copyright, mask works or trade secret rights) not
generally known in the relevant trade (except for patents), including, but not
limited to, works of authorship, inventions, discoveries, patentable subject
matter, patents, patent applications, industrial models, industrial designs,
trade secrets, trade secret rights, software, works, copyrightable subject
matters, copyright rights and registrations, mask works, know-how, trademarks,
trade names, service marks, emblems, logos, insignia and related marks and
registrations, specifications, technical manuals and data, libraries,
blueprints, drawings, proprietary processes, product information and development
work-in-process.
"Purchase Price" has the meaning assigned in Section 2.5.
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