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HPTX > SEC Filings for HPTX > Form 8-K on 17-May-2013All Recent SEC Filings

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Other Events

Item 8.01. Other Events.

As previously announced, Hyperion Therapeutics, Inc. (the "Company") exercised its option to acquire BUPHENYLŪ (sodium phenylbutyrate) and AMMONULŪ (sodium phenylacetate and sodium benzoate) Injection 10%/10% from Ucyclyd Pharma, Inc.
("Ucyclyd") (a subsidiary of Valeant Pharmaceuticals International, Inc.)
pursuant to an Amended and Restated Collaboration Agreement between the Company and Ucyclyd, dated March 22, 2012 (the "Collaboration Agreement"). On May 17, 2013, Ucyclyd exercised its option to retain the rights to AMMONUL pursuant to the Collaboration Agreement. Ucyclyd must pay the Company a net payment of $13 million upon close of the transaction, which reflects the $19 million purchase price for BUPHENYL due to Ucyclyd and a $32 million payment due to the Company as a result of Ucyclyd 's exercise of its option to retain AMMONUL. Additionally, the Company is obligated to pay subsequent milestone and royalty payments to Ucyclyd. The transaction is expected to close on May 29, 2013, subject to the satisfaction of closing conditions.

The information disclosed under this Item 8.01 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as expressly set forth in such filing.

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