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Document Preview Asset Purchase Agreement |
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Title: |
Asset Purchase Agreement |
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Entities: |
Allergan, Inc.; Inspire Pharmaceuticals, Inc.; Medarex, Inc.; Pfizer, Inc.; SFBC International, Inc.; TOTAL SA; Alston & Bird LLP; SFBC/Pharmaceutical Development Associates, Inc.; Pharmaceutical Development Associates, Inc. |
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Date: |
2000 |
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Size: |
Preview shows 18KB of 330KB total |
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Price: |
$87 |
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ID: |
#324641 |
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Start of Preview |
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ASSET PURCHASE AGREEMENT
dated March 29, 2000
BY AND AMONG
SFBC INTERNATIONAL, INC.,
SFBC/PHARMACEUTICAL DEVELOPMENT
ASSOCIATES, INC.,
PHARMACEUTICAL DEVELOPMENT
ASSOCIATES, INC.,
and
CLINICAL SITE SERVICES CORP.
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TABLE OF CONTENTS
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ARTICLE 1 DEFINITIONS............................................................................................1
ARTICLE 2 PURCHASE OF ACQUIRED ASSETS AND ASSUMPTION OF ASSUMED LIABILITIES.....................................11
Section 2.01. Purchase of Assets.............................................................................11
Section 2.02. Assumption of Specified Liabilities............................................................12
Section 2.03. Subsequent Documentation.......................................................................12
Section 2.04. Assignment of Contracts........................................................................13
ARTICLE 3 PURCHASE PRICE........................................................................................13
Section 3.01. Purchase Price.................................................................................13
Section 3.02. Manner of Payment of Purchase Price............................................................15
Section 3.03. The Earn-Out...................................................................................16
Section 3.04. Fair Consideration.............................................................................18
ARTICLE 4 CLOSING...............................................................................................18
ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF SELLERS AND CLINSITE................................................19
Section 5.01. Organization...................................................................................19
Section 5.02. Qualifications to Do Business..................................................................19
Section 5.03. Authorization and Validity of Agreement........................................................19
Section 5.04. No Conflict or Violation.......................................................................19
Section 5.05. Consents and Approvals.........................................................................20
Section 5.06. Unaudited Financial Statements.................................................................20
Section 5.07. Absence of Certain Changes or Events...........................................................20
Section 5.08. Tax Matters....................................................................................21
Section 5.09. Absence of Undisclosed Liabilities.............................................................21
Section 5.10. Real Property..................................................................................21
Section 5.11. Leased Real Property...........................................................................21
Section 5.12. Equipment and Machinery........................................................................22
Section 5.13. Accounts Receivable............................................................................22
Section 5.14. Intellectual Property..........................................................................22
Section 5.15. Compliance with Law............................................................................23
Section 5.16. Litigation.....................................................................................23
Section 5.17. Employee Benefit Plans.........................................................................23
Section 5.18. Environmental Compliance.......................................................................24
Section 5.19. Licenses and Permits...........................................................................25
Section 5.20. Personnel; Labor...............................................................................26
Section 5.21. Insurance......................................................................................26
Section 5.22. Material Contracts.............................................................................27
Section 5.23. Customers and Suppliers........................................................................28
Section 5.24. Absence of Certain Business Practices..........................................................28
Section 5.25. Severance Arrangements.........................................................................29
Section 5.26. Shareholders...................................................................................29
Section 5.27. Year 2000 Compliance...........................................................................29
Section 5.28. Investment Representations and Restrictions on Transfer........................................30
Section 5.29. No Other Agreements to Sell Assets.............................................................31
Section 5.30. Broker's and Finder's Fees.....................................................................31
Section 5.31. Non-Compete Agreements.........................................................................30
Section 5.32. All Material Information.......................................................................31
Section 5.33. Superior Proposal..............................................................................31
Section 5.34. Other Borrowers................................................................................30
Section 5.35. Conduct of Business ...........................................................................30
ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF PURCHASER AND SFBC..................................................32
Section 6.01. Organization...................................................................................32
Section 6.02. Authorization and Validity of Agreement........................................................32
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Section 6.03. No Conflict or Violation.......................................................................33
Section 6.04. Consents and Approvals.........................................................................33
Section 6.05. Financial Statements...........................................................................33
Section 6.06. Absence of Certain Changes or Events...........................................................33
Section 6.07. Absence of Undisclosed Liabilities.............................................................34
Section 6.08. Compliance with Law............................................................................34
Section 6.09. Litigation.....................................................................................34
Section 6.10. Related Party Transactions.....................................................................34
Section 6.11. Year 2000 Compliance...........................................................................35
Section 6.12. All Material Information.......................................................................35
Section 6.13. Broker's and Finder's Fees.....................................................................35
Section 6.14. Environmental Compliance.......................................................................35
Section 6.15. Insurance......................................................................................36
ARTICLE 7 TAXES.................................................................................................37
Section 7.01. Taxes; Transfer Taxes..........................................................................37
Section 7.02. Cooperation on Tax Matters.....................................................................37
Section 7.03. Allocation of Purchase Price...................................................................38
ARTICLE 8 COVENANTS PRIOR TO CLOSING............................................................................38
Section 8.01. Sellers' and Clinsite's Covenants..............................................................38
Section 8.02. Access.........................................................................................39
Section 8.03. Cooperation....................................................................................39
ARTICLE 9 CONDITIONS OF CLOSING.................................................................................39
Section 9.01. Conditions Precedent to the Obligations of Sellers and Clinsite to Complete the Closing........39
Section 9.02. Conditions Precedent to the Obligations of SFBC and Purchaser to Complete the Closing..........40
ARTICLE 10 POST CLOSING COVENANTS................................................................................42
Section 10.01. The Earn-Out...................................................................................42
Section 10.02. Post-Closing Access and Delivery of Reports....................................................42
Section 10.03. Covenant Not to Compete........................................................................43
Section 10.04. Change of Business Name........................................................................43
Section 10.05. Further Assurances.............................................................................44
Section 10.06. Right of First Refusal.........................................................................44
Section 10.07. Underwriting Arrangements......................................................................44
Section 10.08. Registration Rights Agreement..................................................................45
Section 10.09. Miscellaneous..................................................................................45
Section 10.10. Employment of Personnel........................................................................45
Section 10.11. Advances to Clinsite...........................................................................45
Section 10.12. Option to Purchase the Assets of LeeCoast......................................................46
Section 10.13. Cash Transfers; Conduct of Operations..........................................................48
Section 10.14. Scott Davis' Employment........................................................................49
ARTICLE 11 SURVIVAL..............................................................................................49
ARTICLE 12 INDEMNIFICATION.......................................................................................50
Section 12.01. Indemnification of Purchaser...................................................................50
Section 12.02. Indemnification by SFBC and Purchaser..........................................................51
Section 12.03. Procedure......................................................................................52
ARTICLE 13 NO SOLICITATION; VOTING AGREEMENT.....................................................................52
Section 13.01. No Solicitation................................................................................52
ARTICLE 14 TERMINATION...........................................................................................54
Section 14.01. Termination of Agreement.......................................................................54
Section 14.02. Effect of Termination..........................................................................54
ARTICLE 15 MISCELLANEOUS.........................................................................................55
Section 15.01. Public Announcements...........................................................................55
Section 15.02. Expenses.......................................................................................55
Section 15.03. Severability...................................................................................55
Section 15.04. Counterparts...................................................................................55
Section 15.05. Benefit........................................................................................55
{/TABLE}
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Section 15.06. Notices and Addresses.........................................................................56
Section 15.07. Attorney's Fees...............................................................................57
Section 15.08. Oral Evidence.................................................................................57
Section 15.09. Arbitration...................................................................................57
Section 15.10. Headings......................................................................................57
Section 15.11. Construction..................................................................................57
Section 15.12. Governing Law; Jurisdiction...................................................................58
{/TABLE}
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{PAGE}
This ASSET PURCHASE AGREEMENT (the "Agreement") has been entered into
as of March 29, 2000 by and among SFBC International, Inc. a Delaware
corporation ("SFBC"), SFBC/Pharmaceutical Development Associates, Inc., a
Florida corporation ("Purchaser"), Pharmaceutical Development Associates, Inc.,
a North Carolina corporation ("PDA" or "Seller"), and CLINICAL SITE SERVICES
CORP., a Tennessee corporation ("Clinsite").
RECITALS
1. WHEREAS, Seller is engaged in the clinical research business,
primarily in the area of managing Phase III clinical trials, (being sometimes
referred to hereafter as the "Business") and Clinsite as a part of its
operations has at times also engaged in Phase III clinical trials and, to the
extent that Clinsite has assets which would be useful to Purchaser in its future
conduct of the Business, such assets will be sold to Purchaser hereunder.
2. WHEREAS, of the one thousand (1,000) authorized, issued and
outstanding common stock of PDA, Clinsite owns of record and beneficially all
shares, subject to a pledge in favor of PCLP (as hereinafter defined) and
certain other parties,
3. WHEREAS, Purchaser desires to purchase the Business and the assets
of Seller used in the Business and Seller desires to sell the Business and such
assets to Purchaser, in each case upon the terms and subject to the conditions
set forth in this Agreement.
NOW, THEREFORE, in consideration of the foregoing and of the respective
representations, warranties, covenants, and agreements herein contained, and
intending to be legally bound, the parties hereto agree as follows:
ARTICLE 1
DEFINITIONS
As used in this Agreement, the following terms have the meanings indicated
below:
"Accounts Receivable" means all accounts and notes receivable, rights
to refunds, and deposits and prepaid items or credits of Seller, excluding
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