Eton Pharma to acquire Increlex from Ipsen for $22.5M upfront plus $7.5M inventory

Eton Pharmaceuticals, Inc.

Acquisition of Increlex (mecasermin injection) for severe primary IGF-1 deficiency; approved in 40 territories.
Total upfront consideration $30M ($22.5M asset purchase + $7.5M inventory) plus $2.5M on each of first two anniversaries.
Credit facility expanded to $30M from SWK Holdings; interest at SOFR+6.75%; 289,736 warrant shares at $5.32.
Ipsen reported 2023 global sales of €17.3M for Increlex; Eton to immediately commercialize in U.S. after closing.
Closing expected near year-end 2024; all-cash transaction subject to customary conditions.

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