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HPTX > SEC Filings for HPTX > Form 8-K on 30-Apr-2013All Recent SEC Filings

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Other Events

Item 8.01. Other Events.

On April 29, 2013, Hyperion Therapeutics, Inc. (the "Company") exercised its option to acquire BUPHENYLŪ (sodium phenylbutyrate) and AMMONULŪ (sodium phenylacetate and sodium benzoate) from Valeant Pharmaceuticals International, Inc. ("Valeant") pursuant to an Amended and Restated Collaboration Agreement between the Company and Ucyclyd Pharma, Inc., (now a subsidiary of Valeant) dated March 22, 2012 (the "Collaboration Agreement"). Pursuant to the Collaboration Agreement, Valeant has 20 days to formally notify the Company whether it intends to retain rights to AMMONUL. If Valeant elects not to retain AMMONUL, the Company is obligated to pay $22 million, plus subsequent milestone and royalty payments, to Valeant. To fund this upfront payment, the Company may choose to draw on a loan commitment from Valeant, which would be payable over eight quarters. If Valeant elects to retain AMMONUL, Valeant must pay the Company $13 million upon close of the transaction, and the Company is obligated to pay subsequent milestone and royalty payments to Valeant.

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