Item 1.01 Entry into a Material Definitive Agreement.
On September 12, 2012, Apricus Biosciences, Inc.'s wholly-owned subsidiary,
NexMed (U.S.A.), Inc. (the "Company"), entered into an exclusive license and
collaboration agreement with Takeda UK Limited, an entity organized under the
laws of England ("Takeda"), to market the Company's Vitaros® drug for the
treatment of erectile dysfunction in the United Kingdom.
Pursuant to the collaboration, Takeda will pay the Company license fees of up to
€34.65 million - divided into a fixed upfront payment and specific regulatory
and potential commercial milestones. Total potential upfront and milestone
payments represent approximately $44.6 million based on the current exchange
rate.
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