Eton licenses LIBERVANT buccal film from Aquestive for $10M upfront, up to $47.5M milestones

Eton Pharmaceuticals, Inc.

Eton paid Aquestive a $10.0M upfront license fee for exclusive U.S. rights to LIBERVANT (diazepam) buccal film for seizure clusters in epilepsy.
Milestones: $10.0M on first U.S. commercial sale (cut to $5.0M without full ages 2-5 approval), $2.5M on FDA approval for ages 6-11, up to $35M tied to annual net sales.
Eton pays mid-teens percentage royalties on U.S. net sales; Aquestive is exclusive manufacturer under a 20-year Supply Agreement.
Commercial launch anticipated April 2027 subject to final FDA approval; tentative approval covers ages 2-5 and 12+, with full 12+ approval expected after VALTOCO exclusivity ends Jan 10, 2027.
Cited U.S. seizure rescue market exceeds $450M annually; in a 101-patient survey, 71% preferred film vs 13% nasal spray; LIBERVANT holds Orphan Drug Designation (Nov 2016) and patents to 2038.

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