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Title: |
Asset Purchase Agreement |
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Date: |
2004 |
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Preview shows 24KB of 111KB total |
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$63 |
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#386631 |
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ASSET PURCHASE AGREEMENT
---------------------------------
BY AND BETWEEN
ANTIGENICS INC., A MASSACHUSETTS CORPORATION AND
A WHOLLY-OWNED SUBSIDIARY OF ANTIGENICS INC., A DELAWARE CORPORATION
AND
PP MANUFACTURING CORPORATION, A DELAWARE CORPORATION, AND
VIRBAC S.A., A FRENCH CORPORATION
DECEMBER 10, 2003
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
PAGE
{S} {C} {C}
SECTION 1 -SALE AND PURCHASE OF ASSETS................................................................2
1.1 Sale of Assets.................................................................................2
1.2 Method of Conveyance...........................................................................2
1.3 Assumption of Liabilities......................................................................2
1.4 Price..........................................................................................3
1.5 Allocation of Price............................................................................5
1.6 Closing........................................................................................5
SECTION 2 -REPRESENTATIONS AND WARRANTIES OF SELLER...................................................7
2.1 Organization...................................................................................7
2.2 Authority; Approval Enforceability.............................................................7
2.3 No Violation...................................................................................7
2.4 Title to Assets; Liens.........................................................................7
2.5 Condition of Tangible Assets ..................................................................8
2.6 reserved. .....................................................................................8
2.7 Permits........................................................................................8
2.8 Litigation.....................................................................................8
2.9 Environmental Matters..........................................................................8
2.10 Brokers' and Finders' Fees.....................................................................9
2.11 Employment Agreements and Employee Plans.......................................................9
2.12 No Other Representations and Warranties.......................................................10
SECTION 3 -REPRESENTATIONS AND WARRANTIES OF BUYER ..................................................11
3.1 Organization..................................................................................11
3.2 Authority.....................................................................................11
3.3 No Violation..................................................................................11
3.4 Brokers' and Finders' Fees....................................................................11
3.5 Guarantee.....................................................................................12
3.6 Investigation.................................................................................12
SECTION 4 -COVENANTS AND AGREEMENTS..................................................................12
4.1 Corporate Examinations and Investigations.....................................................12
{/TABLE}
-i-
{PAGE}
TABLE OF CONTENTS
(CONTINUED)
{TABLE}
{CAPTION}
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{S} {C} {C}
4.2 Expenses......................................................................................12
4.3 Authorization from Others.....................................................................12
4.4 Related Agreements............................................................................13
4.5 Purchase of Inventories, Raw Materials, and Other Office Assets...............................13
4.6 Key Employees; Employment.....................................................................14
4.7 Non-Transferable Permits......................................................................15
4.8 Access to Records and Files...................................................................15
4.9 Further Assurances............................................................................16
4.10 Seller Assistance; Pre-Closing Access.........................................................16
4.11 Reorganization of Equipment for the Benefit of Seller.........................................17
SECTION 5 -CONDITIONS PRECEDENT TO THE OBLIGATION OF BUYER TO CLOSE..................................17
5.1 Representations and Warranties True...........................................................17
5.2 Litigation....................................................................................17
5.3 Deliveries of Seller..........................................................................17
5.4 Rights to be Secured With Respect to Third Parties............................................17
5.5 Necessary Permits.............................................................................17
5.6 Legal Opinion.................................................................................17
5.7 Employees.....................................................................................18
5.8 Phase I Site Assessment Report................................................................18
SECTION 6 -CONDITIONS PRECEDENT TO THE OBLIGATION OF SELLER TO CLOSE.................................18
6.1 Representations and Warranties True...........................................................18
6.2 Litigation....................................................................................18
6.3 Deliveries of Buyer...........................................................................18
6.4 Employees.....................................................................................18
6.5 Rights With Respect to Third Parties..........................................................18
6.6 Purchase of Inventories, Raw Materials, and Other Office Assets ..............................19
SECTION 7 -INDEMNIFICATION...........................................................................19
{/TABLE}
-ii-
{PAGE}
TABLE OF CONTENTS
(CONTINUED)
{TABLE}
{CAPTION}
PAGE
{S} {C} {C}
7.1 By Seller.....................................................................................19
7.2 By Buyer......................................................................................19
7.3 Threshold.....................................................................................19
7.4 Minimum Claim.................................................................................20
7.5 Maximum Liability; Limitation on Liability....................................................20
7.6 Claims Period.................................................................................20
7.7 Indemnification Procedures....................................................................20
7.8 Third Party Recoveries........................................................................21
7.9 Legislation...................................................................................21
7.10 Contingent Liabilities........................................................................21
7.11 No Third Party Beneficiaries..................................................................21
7.12 Exclusive Remedy..............................................................................21
7.13 Liabilities Under Prior Agreements............................................................21
SECTION 8 -TERMINATION OF AGREEMENT..................................................................23
8.1 Termination...................................................................................23
8.2 Effect of Termination.........................................................................23
SECTION 9 -MISCELLANEOUS.............................................................................23
9.1 Confidentiality...............................................................................23
9.2 Uniform Commercial Code And United Nations Convention Warranties..............................24
9.3 Public Announcements..........................................................................24
9.4 Notices.......................................................................................24
9.5 Entire Agreement; Prior Agreements............................................................25
9.6 Waivers and Amendments; Non-Contractual Remedies; Preservation of Remedies....................25
9.7 Governing Law; Dispute Resolution.............................................................26
9.8 Governing Language............................................................................26
9.9 Enforceability in Jurisdictions; Consent......................................................26
9.10 Survival......................................................................................26
9.11 Binding Effect; No Assignment.................................................................27
9.12 Variations in Pronouns........................................................................27
{/TABLE}
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(CONTINUED)
{TABLE}
{CAPTION}
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{S} {C} {C}
9.13 Counterparts..................................................................................27
9.14 Severability..................................................................................27
9.15 Knowledge.....................................................................................27
9.16 Appendices; Schedules.........................................................................28*
9.17 Headings......................................................................................28
{/TABLE}
*APPENDICES AND SCHEDULES HAVE BEEN OMITTED. THE REGISTRANT WILL FURNISH
SUPPLEMENTALLY TO THE COMMISSION UPON REQUEST.
-iv-
{PAGE}
ASSET PURCHASE AGREEMENT
This ASSET PURCHASE AGREEMENT (this "Agreement") is dated as of
December 10, 2003 (the "Effective Date"), by and between ANTIGENICS INC., a
Massachusetts corporation and a wholly-owned subsidiary of ANTIGENICS INC., a
Delaware corporation, having its offices at 3 Forbes Road, Lexington, MA 02421
U.S.A. ("SELLER") and PP MANUFACTURING CORPORATION, a Delaware corporation that
will have offices located on or after the Closing at 175 Crossing Boulevard,
Framingham, Massachusetts, 01702-5404 ("SUB") and VIRBAC S.A., a French
corporation having its offices at 1 ere Avenue-2065 m L.I.D.-06516 CARROS FRANCE
("PARENT," and together with SUB, "BUYER").
WITNESSETH
WHEREAS, SELLER and PARENT are parties to (i) that certain Agreement
dated June 13, 1983 by and between Virbac Laboratories S.A. and Cambridge
Bioscience Corporation (as amended by Amendment dated December 20, 1988, by
Amendment Agreement dated May 23, 1989, by Agreement and Amendment dated
December 3, 1990, by Amendment Agreement dated April 21, 1993, and by Option
Agreement dated September 30, 1993), pursuant to which PARENT obtained a
perpetual, royalty-free, fully paid-up, exclusive license to market and have
customers use a vaccine protective against feline leukemia virus ("FeLV")
developed by the parties thereunder (the "Vaccine"), (ii) that certain Supply
Agreement dated May 24, 1989 by and between Cambridge Bioscience Corporation and
Virbac, Inc. (as amended by Amendment No. 1 dated December 21, 1990 and by
Amendment No. 2 dated April 21, 1993) relating to the supply of the Vaccine for
the North American market, and (iii) that certain Letter Agreement dated
November 4, 2003 (and any successor agreement) by and between PARENT and SELLER
relating to the supply of P45 (as hereinafter defined) for the ex-North American
market (collectively, the "Prior Agreements");
WHEREAS, SELLER and PARENT have agreed to terminate the Prior
Agreements and the agreements set forth on Appendix A (the "Other Prior
Agreements") pursuant to this Agreement upon the Closing (as hereinafter
defined);
WHEREAS, SELLER desires to sell to SUB, and SUB desires to purchase
from SELLER, certain equipment and other tangible assets listed on Schedule
1.1.1 hereto and utilized in the manufacture of (i) the antigen described in
Appendix B to this Agreement ("P45") and (ii) a veterinary grade extract of
Quillaja Saponaria bark as more specifically described on Appendix C to this
Agreement ("QA-21 Adjuvant");
WHEREAS, pursuant to that certain Patent Purchase Agreement (as defined
in Section 1.6.1(f)), SELLER desires to sell to PARENT, and PARENT desires to
purchase from SELLER, the intangible assets set forth on Schedule 1.1.2 hereto;
WHEREAS, SELLER desires to license to SUB and SUB desires to obtain a
license from SELLER under certain intellectual property rights owned by or
licensed to SELLER for the manufacture, use, sale, offer for sale or importation
world-wide of the P45, and QA-21 Adjuvant for use in its own animal healthcare
vaccines formulated to contain or comprise P45 (and/or
{PAGE}
other antigens) as one component and QA-21 Adjuvant as another component (the
"Licensed Assets"); and
WHEREAS, SELLER desires to grant SUB and SUB desires to obtain, a
sublease to that portion of approximately 20,432 rentable square feet located in
part on the first and second floors of SELLER's Framingham authorized
manufacturing site (Establishment License no. 317) located at 175 Crossing
Boulevard, Framingham, Massachusetts, 01702-5404 which is currently being
occupied and utilized by SELLER for the manufacture of P45 and QA-21 Adjuvant
(the "Manufacturing Site").
NOW THEREFORE, in consideration of the foregoing and of the mutual covenants set
forth below, the parties hereby agree as follows:
SECTION 1 -SALE AND PURCHASE OF ASSETS
1.1 Sale of Assets. On the terms and subject to the conditions of
this Agreement, at the Closing (as defined in Section 1.6 hereof):
1.1.1 SELLER shall sell, convey, assign, transfer and
deliver to SUB, and SUB shall purchase, acquire and accept delivery from SELLER
the tangible properties and assets on Schedule 1.1.1 (the "Tangible Assets").
For the avoidance of doubt, the Tangible Assets shall specifically exclude any
and all intellectual property rights, and any and all rights in or to the
compound referred to as QS-21 Adjuvant (as defined in the attached Appendix C),
as well as any and all assets of SELLER not specifically identified herein as
Tangible Assets (the "Excluded Assets").
1.1.2 Pursuant to the Patent Purchase Agreement, SELLER
shall sell, convey, assign, transfer and deliver to PARENT and PARENT shall
purchase, acquire and accept delivery of from SELLER certain intangible assets
as more specifically described on Schedule 1.1.2 ("Intangible Assets").
1.2 Method of Conveyance. The sale, transfer, conveyance,
assignment and delivery by SELLER of the Tangible Assets to SUB in accordance
with Section 1.1 hereof shall be effected on the Closing Date (as defined in
Section 1.6) by SELLER's execution and delivery to SUB of one or more bills of
sale in the form and scope reasonably satisfactory to SUB (the "Conveyance
Documents"). At the Closing, good, valid and marketable title to the Tangible
Assets shall be transferred, conveyed, assigned and delivered by SELLER to SUB
pursuant to the Conveyance Documents, free and clear of any and all liens,
encumbrances, mortgages, security interests, pledges, claims, equities and other
restrictions or charges of any kind or nature whatsoever.
1.3 Assumption of Liabilities. At the Closing, SUB shall assume
and agree to satisfy and discharge as the same shall become due, the liabilities
and obligations of SELLER that are to be performed after the Closing and
described on Schedule 1.3. The liabilities to be assumed by SUB under this
Agreement are hereinafter sometimes referred to as the "Assumed Liabilities."
Except as expressly set forth in this Section 1.3 and Section 1.4.5, or as
described on
2
{PAGE}
Schedule 1.3, neither SUB nor PARENT shall assume or be responsible at any time
for any liability, obligation, debt or commitment of SELLER or any of its
Affiliates (as defined herein), whether absolute or contingent, accrued or
unaccrued, asserted or unasserted, or otherwise, including but not limited to
any liabilities, obligations, debts or commitments of SELLER incident to,
arising out of or incurred with respect to, this Agreement and the transactions
contemplated hereby including any and all sales, income or other taxes arising
out of the transactions contemplated hereby. "Affiliate" means any entity
directly or indirectly controlling, controlled by or under common control with
SUB, PARENT or SELLER, with "control" meaning the possession, direct or
indirect, of the power to direct or cause the direction of the management and
policies of the entity, whether through the ownership of voting securities, by
contract or otherwise. Without limiting the generality of the foregoing, SELLER
expressly acknowledges and agrees that SELLER shall retain, and that neither SUB
nor PARENT shall assume or otherwise be obligated to pay, perform, defend or
discharge, with respect to liabilities incurred prior to the Closing Date (a)
any liability of SELLER for taxes (other than taxes referenced in Section
1.4.5), whether measured by income or otherwise, (b) any liability of SELLER in
connection with the violation of the terms of any SELLER Employee Plan, (c) any
liability of SELLER under any federal, state or local law, rule, regulation,
ordinance, program, permit, license or other legal requirement relating to
health, safety, hazardous materials and environmental matters applicable to the
Manufacturing Site (excluding any such liability that arises as a result of
SUB's or PARENT's actions, or, where an action is required to be taken by law,
rule or regulation, SUB's or PARENT's inaction, including the failure to comply
with any European rules or regulations related to manufacturing practices), or
(d) any liability or obligation of SELLER relating to any default taking place
before the Closing Date under any of the Assumed Liabilities to the extent such
default solely created the liability or obligation.
1.4 Price. In consideration for the sale of the Tangible Assets
pursuant to this Agreement, the sale of the Intangible Assets pursuant to the
Patent Purchase Agreement, and the licensing of the Licensed Assets pursuant to
the License Agreement (as defined in Section 1.6.1(d)), SUB and/or PARENT shall
deliver to SELLER an aggregate amount (the "Price") of fourteen million two
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