DURECT CORP: M&A transaction — DURECT sells ALZET product line for $17.5M, pays off Oxford term loan

DURECT CORP

Transaction valued at $17.5M; DURECT paid off all remaining Oxford Finance LLC term loan obligations.
Proceeds extend cash runway through first half of 2025; focus on larsucosterol Phase 3 trial for AH.
ALZET osmotic pumps acquired by Alzet, LLC, a subsidiary of Lafayette Instrument Co. (Branford Castle portfolio).
Transition services agreement for up to six months post-closing; Aquilo Partners acted as financial advisor.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

DURECT CORP completed a disposition involving Alzet, LLC, a subsidiary of Lafayette Instrument Co. for $17,500,000 (closed 2024-11-22).

Action: disposition
Counterparty: Alzet, LLC, a subsidiary of Lafayette Instrument Co.
Consideration: $17,500,000
Closing: 2024-11-22

Exact text from the filing

to potential extensions. On the Closing Date, the Company completed the transaction contemplated by the APA. Pursuant to the terms of the APA, the Purchaser paid the Company $17,500,000 subject to certain adjustments, including for net working capital. Simultaneous with this transaction, the Company has paid off all remaining obligations under the term loan

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Source: SEC EDGAR

accession 0000950170-24-130440

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