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GEVA > SEC Filings for GEVA > Form 8-K on 8-Apr-2013All Recent SEC Filings

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Entry into a Material Definitive Agreement, Other Events

Item 1.01 Entry into a Material Definitive Agreement.

On April 5, 2013, Synageva BioPharma Corp. ("Synageva") entered into a sublicense agreement with Shire Human Genetic Therapies, Inc. and affiliates ("Shire") whereby Synageva receives exclusive, worldwide rights to multiple patents and patent applications owned by Cincinnati Children's Hospital Research Foundation, an operating division of Children's Hospital Medical Center, and its affiliates and licensed to Shire. The licensed patents and patent applications cover the use of lysosomal acid lipase including for the treatment of LAL Deficiency and atherosclerosis. Synageva's sebelipase alfa is a recombinant human form of lysosomal acid lipase. These additional patents and patent applications complement Synageva's existing and planned patent portfolio covering its LAL Deficiency program including patents and patent applications for composition of matter, methods of use, and manufacturing. In exchange for the rights acquired from Shire, Synageva will pay an upfront payment of $2.5 million, be obligated to make two sales-based milestones (each a low single-digit million dollar payment), and be obligated to make low, single-digit tiered royalty payments on sales of sebelipase alfa in the U.S. and certain countries in Europe. The obligation to make tiered royalty payments is expected to expire in 2021.

Item 8.01 Other Events.

Simultaneously with the execution of the sublicense agreement, Synageva, Shire and Cincinnati Children's Hospital Research Foundation, an operating division of Children's Hospital Medical Center, and their respective affiliates entered into a settlement agreement under which the parties settled the outstanding revocation actions in the United Kingdom and France and the outstanding opposition in the European Patent Office.

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