Item 1.01 Entry Into A Material Definitive Agreement.
On June 29, 2009, Ucyclyd Pharma, Inc. ("Ucyclyd "), a wholly-owned subsidiary of Medicis Pharmaceutical Corporation, and Hyperion Therapeutics, Inc. ("Hyperion") entered into a second amendment (the "Second Amendment") to their existing Collaboration Agreement (the "Agreement"), which was initially entered into on August 23, 2007 and first amended on November 24, 2008. As previously disclosed, under the original Agreement Hyperion is required to pay Ucyclyd royalties and regulatory and sales milestone payments in connection with certain licenses that would be granted to Hyperion upon its exercise of buyout rights granted to it with respect to Ucyclyd's product referred to as "GT4P." In connection with Hyperion obtaining additional venture financing, Ucyclyd agreed in the Second Amendment to restructure the royalty and milestone payments in exchange for Hyperion having agreed to issue five percent of its fully-diluted common stock to Ucyclyd. In addition, pursuant to the Second Amendment Ucyclyd agreed to provide seller financing in the event that Hyperion exercises its buyout rights with respect to GT4P.

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