Fedson, Inc. completed the acquisition of Certain ProNeura Assets of Titan Pharmaceuticals, Inc..
September 31, 2023
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Fedson, Inc. entered into an agreement to acquire Certain ProNeura Assets of Titan Pharmaceuticals, Inc. (NasdaqCM:TTNP) for $52 million on July 26, 2023. Under the terms of the Agreement, Fedson will purchase the ProNeura assets from Titan for an upfront purchase price of $2 million ($1 million at closing, $1 million to be held in escrow pending completion of certain conditions) with potential milestone payments to Titan of up to $50 million on future net sales of the products. Titan would also receive single digit royalties on future net sales of the products. Additionally, Fedson will assume all liabilities related to a pending employment claim against Titan. The transaction is expected to close 10 days following signing of the Agreement.
Fedson, Inc. completed the acquisition of Certain ProNeura Assets of Titan Pharmaceuticals, Inc. (NasdaqCM:TTNP) on September 1, 2023. Under the terms of the Amendment, Fedson will pay of $2 million, consisting of (i) $0.5 million in cash on the closing date (ii) $0.5 million in the form of a promissory note due and payable on October 1, 2023 and (iii) $1million in the form of a promissory note due and payable on January 1, 2024.
Titan Pharmaceuticals, Inc. is a pharmaceutical company. The Company is focused on developing therapeutics utilizing the proprietary long-term drug delivery platform, ProNeura, for the treatment of select chronic diseases. ProNeura offers continuous drug delivery and consists of a small, semi-rigid, flexible implant made from a mixture of ethylene-vinyl acetate (EVA) and a drug substance. The resulting product is a solid matrix implant that is placed subdermally, normally in the inside part of the upper arm, in a brief procedure using a local anesthetic and is removed in a similar manner at the end of the treatment period. Its product pipeline includes Kappa Opioid Receptor Agonist (TP-2021) Implant, which is used for the treatment of moderate-to-severe chronic pruritus. Its product development programs are in non-clinical stages of development.