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THRX > SEC Filings for THRX > Form 8-K on 11-Mar-2013All Recent SEC Filings

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Form 8-K for THERAVANCE INC


11-Mar-2013

Entry into a Material Definitive Agreement, Other Events


Item 1.01 Entry into a Material Definitive Agreement.

On March 8, 2013 Theravance, Inc. and Clinigen Group plc entered into an exclusive commercialization agreement in the European Union (EU) and certain other countries located in Europe for VIBATIV® (telavancin) for the treatment of nosocomial pneumonia (hospital-acquired), including ventilator-associated pneumonia, known or suspected to be caused by methicillin resistant Staphylococcus aureus (MRSA) when other alternatives are not suitable. Under the terms of the agreement, Theravance has granted Clinigen exclusive commercialization rights to VIBATIV® in the EU and certain other European countries (including Switzerland and Norway). In exchange, Theravance will receive a $5 million upfront payment from Clinigen and is entitled to receive tiered royalties on net sales of VIBATIV®, ranging from 20% to 30%. Theravance is responsible, either directly or through Theravance's vendors or contractors, for supplying at Clinigen's expense both drug substance and finished drug product for Clinigen's commercialization activities. The agreement has a term of at least 15 years, with an option to extend exercisable by Clinigen. However, Clinigen may terminate the agreement any time after it has initiated commercialization upon 12 months' advance notice.



Item 8.01 Other Events.

The information included in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 8.01 of this Current Report on Form 8-K.


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