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ZGNX > SEC Filings for ZGNX > Form 8-K on 21-Dec-2011All Recent SEC Filings

Show all filings for ZOGENIX, INC.

Form 8-K for ZOGENIX, INC.


Entry into a Material Definitive Agreement, Termination of a Material Definitive Ag

Item 1.01 Entry into a Material Definitive Agreement.

On December 20, 2011 Zogenix, Inc. (the "Company") and Astellas Pharma US, Inc. ("Astellas") entered into an amendment (the "Amendment"), to the Co-Promotion Agreement dated as of July 31, 2009, by and between the Company and Astellas (the "Agreement"). Under the Agreement, Astellas and the Company have collaborated on the promotion and marketing of Sumavel DosePro with the Company focusing its sales activities primarily on the neurology market while Astellas focused mostly on primary care physicians.

Under the Amendment, beginning January 1, 2012, the Company will assume responsibility from Astellas for marketing Sumavel DosePro to selected primary care physicians and other Astellas-targeted physicians and professionals pursuant to a promotion transition plan to be mutually agreed upon. The Company and Astellas also agreed to terminate the Agreement effective as of March 31, 2012. As a result of the termination, the Company will be required to make two annual tail payments to Astellas, calculated as decreasing fixed percentages of net sales (ranging from a mid-twenties percentage down to a mid-teen percentage) from the segment of physicians and professionals targeted by Astellas during the 12 month period ending on March 31, 2012.

* * *

A complete copy of the Amendment will be filed with the Securities and Exchange Commission with the Company's Annual Report on Form 10-K for the period ending December 31, 2011.

Item 1.02 Termination of a Material Definitive Agreement.

The Company and Astellas agreed to terminate the Agreement effective as of March 31, 2012 pursuant to the Amendment. The other information called for by this item is contained in Item 1.01 above, which is incorporated herein by reference.

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