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

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Form 8-K for INSMED INC


Other Events

Item 8.01 - Other Events.

As previously disclosed by Insmed Incorporated (the "Company") in its Annual Report on Form 10-K for the year ended December 31, 2012 (the "Annual Report), the Company entered into an agreement with Premacure AB, now Shire plc, ("Premacure") in May 2012 pursuant to which the Company granted Premacure an exclusive, worldwide license to develop, manufacture and commercialize IGF-1, with its natural binding protein, IGFBP-3, for the prevention and treatment of complications of preterm birth (the "Premacure License Agreement"). As further disclosed in the Annual Report, in March 2013, the Company amended the Premacure License Agreement to provide Premacure with an option to obtain all of the Company's right to receive revenues from the commercialization of IGF-1 under the Premacure License Agreement in exchange for a cash payment to the Company of $11.5 million (the "Buyout Amount").

Premacure exercised this option on April 29, 2013. Premacure is obligated to pay the Buyout Amount to the Company in full within ten days after the date of exercise. As a result of option exercise, the Company will not be entitled to any future royalties from Premacure, and Premacure will assume the Company's royalty obligations to other parties.

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