Biofrontera settles arbitration with Maruho; releases $7.3M repayment obligation

Biofrontera Inc.

Biofrontera transfers 5,451,016 Biofrontera AG shares to Maruho unit as settlement consideration.
Maruho releases Biofrontera from $7.3M 'start-up costs' repayment and future profit-sharing payments.
Mutual releases and dismissal with prejudice of ICC arbitration initiated by Biofrontera in Feb 2023.
Settlement effective Dec 22, 2023; agreement dated Dec 27, 2023, disclosed in Jan 3, 2024 8-K.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Biofrontera Inc. entered into Confidential Settlement Agreement and Mutual Release with Maruho Co. Ltd. valued at Transfer of 5,451,016 shares of Biofrontera AG stock to Maruho; release of $7.3 million start-up cos (effective 2023-12-22).

Action: entry
Agreement: settlement
Counterparty: Maruho Co. Ltd.
Value: Transfer of 5,451,016 shares of Biofrontera AG stock to Maruho; release of $7.3 million start-up cos
Effective: 2023-12-22

Exact text from the filing

On December 29, 2023, Biofrontera, Inc. (the "Company"), entered into a Confidential Settlement Agreement and Mutual Release (the "Release"), dated as of December 27, 2023 and effective as of December 22, 2023, with Maruho Co. Ltd. ("Maruho"), and a Share Transfer Agreement (the "STA" and, together with the Release, the "Settlement Agreement"), dated as of December 27, 2023 and effective as of December 22, 2023, by and among the Company, Maruho, and Maruho Deutschland GmbH.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Biofrontera Inc. entered into Share Transfer Agreement with Maruho Deutschland GmbH valued at Transfer of 5,451,016 shares of Biofrontera AG stock to Maruho; release of $7.3 million start-up cos (effective 2023-12-22).

Action: entry
Agreement: settlement
Counterparty: Maruho Deutschland GmbH
Value: Transfer of 5,451,016 shares of Biofrontera AG stock to Maruho; release of $7.3 million start-up cos
Effective: 2023-12-22

Exact text from the filing

On December 29, 2023, Biofrontera, Inc. (the "Company"), entered into a Confidential Settlement Agreement and Mutual Release (the "Release"), dated as of December 27, 2023 and effective as of December 22, 2023, with Maruho Co. Ltd. ("Maruho"), and a Share Transfer Agreement (the "STA" and, together with the Release, the "Settlement Agreement"), dated as of December 27, 2023 and effective as of December 22, 2023, by and among the Company, Maruho, and Maruho Deutschland GmbH.

View on SEC.gov

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Biofrontera Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-000334

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