Avenue Therapeutics' subsidiary Baergic Bio acquired by Axsome for up to $82M milestones plus royalties

AVENUE THERAPEUTICS, INC.

Axsome acquires 100% of Baergic Bio equity for $0.3M upfront; development/regulatory milestones up to $2.5M (first indication) and $1.5M per subsequent indication.
Sales-based milestones up to $79M; tiered mid-to-high single digit royalty on global net sales of AXS-17 (formerly BAER-101).
Avenue expects to receive ~74% of all future payments and royalties.
Axsome receives worldwide rights to BAER-101 (GABA A PAM) to be evaluated for epilepsy.
CEO granted 443,578 restricted shares; CFO granted 266,147 restricted shares, fully vesting upon closing.

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