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AVNR > SEC Filings for AVNR > Form 8-K on 5-Jul-2013All Recent SEC Filings




Entry into a Material Definitive Agreement, Other Events

Item 1.01. Entry into a Material Definitive Agreement.

On July 1, 2013, Avanir Pharmaceuticals (the "Company") entered into a license agreement (the "License Agreement") with OptiNose AS ("OptiNose") pursuant to which the Company obtained an exclusive license in North America for the development and commercialization of OptiNose's novel Breath Powered™ intranasal delivery system containing low-dose sumatriptan powder to treat acute migraine. Pursuant to the License Agreement, the Company paid to OptiNose an upfront cash payment of $20 million, and may be required to pay certain shared development costs and up to an additional $90 million in future clinical, regulatory and commercial milestones. In addition, if approved, the Company will be required to make tiered royalty payments in the low double-digits to OptiNose based on net sales in North America.

Under the terms of the License Agreement, the Company will assume responsibility for commercialization, manufacturing and supply-chain activities for the investigational product, now named AVP-825. The Company and OptiNose have agreed to form a joint steering committee to work together on the remaining activities in support of the NDA submission. Subject to the limitations set forth in the License Agreement, the Company also has the right to grant sublicenses to the licensed product.

A copy of the License Agreement will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2013.

Item 8.01. Other Events.

On August 8, 2012, the Company entered into a sales agreement (the "Sales Agreement") with Cowen and Company, LLC ("Cowen") relating to the sale of up to $25,000,000 of shares of the Company's common stock, $0.0001 par value per share. On July 5, 2013 the Company entered into an amendment (the "Amendment") to the Sales Agreement with Cowen to increase the amount available to sell under the Sales Agreement by an additional $25,000,000.

A copy of the Sales Agreement was filed as an exhibit to the Company's Registration Statement on Form S-3 (File No. 333-183153) filed on August 8, 2012. A copy of the Amendment will be filed as an exhibit to the Company's Registration Statement on Form S-3 filed on or about the date hereof.

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