Cidara Therapeutics, Inc.: M&A transaction — Cidara sells rezafungin assets to NAPP/Mundipharma; debt forgiveness and milestone payment

Cidara Therapeutics, Inc.

Sold all rezafungin acetate assets to NAPP Pharmaceutical Group Ltd, effective April 24, 2024.
Mundipharma forgave $11.145M development milestone advance due Dec 31, 2024, subject to conditions.
Received $2.786M milestone from Mundipharma for UK approval of rezafungin for invasive candidiasis.
Cidara agrees to 7-year non-compete for echinocandin antifungal products; exceptions if acquired.
Melinta license amended and novated to NAPP; Cidara provides transition services for 45-75 days.

item 1.01 item 1.02 item 2.01

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

Cidara Therapeutics, Inc. completed a disposition involving NAPP Pharmaceutical Group Limited (closed 2024-04-24).

Action: disposition
Counterparty: NAPP Pharmaceutical Group Limited
Closing: 2024-04-24

Exact text from the filing

the Company sold to NAPP, effective as of April 24, 2024, all of the Company’s rezafungin acetate assets

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Cidara Therapeutics, Inc. entered into Assignment and Novation Agreement with NAPP Pharmaceutical Group Limited and Mundipharma Medical Company valued at Transfer of Mundipharma Collaboration Agreement and Commercial Supply Agreement from Company to NAPP (effective 2024-04-24).

Action: entry
Agreement: collaboration
Counterparty: NAPP Pharmaceutical Group Limited and Mundipharma Medical Company
Value: Transfer of Mundipharma Collaboration Agreement and Commercial Supply Agreement from Company to NAPP
Effective: 2024-04-24

Exact text from the filing

The Company, NAPP and Mundipharma also entered into an Assignment and Novation Agreement to transfer the Mundipharma Collaboration Agreement and Commercial Supply Agreement from the Company to NAPP (the "Novation Agreement").

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Cidara Therapeutics, Inc. terminated Asset Purchase Agreement-related termination with NAPP Pharmaceutical Group Limited valued at Termination of certain material definitive agreements in connection with asset sale; see Item 1.01 (effective 2024-04-24).

Action: termination
Agreement: asset purchase
Counterparty: NAPP Pharmaceutical Group Limited
Value: Termination of certain material definitive agreements in connection with asset sale; see Item 1.01
Effective: 2024-04-24

Exact text from the filing

Item 1.02 Termination of a Material Definitive Agreement. See Item 1.01 above, which is incorporated by reference into this Item 1.02.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Cidara Therapeutics, Inc. entered into Asset Purchase Agreement with NAPP Pharmaceutical Group Limited valued at Assumption of liabilities including costs of ReSPECT Phase 3 and ReSTORE Phase 3 clinical trials; fo (effective 2024-04-24).

Action: entry
Agreement: asset purchase
Counterparty: NAPP Pharmaceutical Group Limited
Value: Assumption of liabilities including costs of ReSPECT Phase 3 and ReSTORE Phase 3 clinical trials; fo
Effective: 2024-04-24

Exact text from the filing

On April 24, 2024, the Company and NAPP Pharmaceutical Group Limited, a company organized under the laws of England ("NAPP"), and an affiliate of Mundipharma Medical Company ("Mundipharma"), entered into an Asset Purchase Agreement (the "Purchase Agreement") pursuant to which the Company sold to NAPP, effective as of April 24, 2024, all of the Company's rezafungin acetate assets, including all of the Company's right to receive future milestones and royalties under the License Agreement, dated July 26, 2022 between the Company and Melinta Therapeutics, LLC, as amended, (the "Melinta License Agreement") and the License and Collaboration Agreement dated September 3, 2019 between the Company and Mundipharma, as amended, (the "Mundipharma Collaboration Agreement"), all rezafungin intellectual property rights, including patents and know-how, all product data, regulatory approvals and documentation, rezafungin and comparator inventory, specified prepaid assets and specified contracts, in exch

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Cidara Therapeutics, Inc. amended Melinta License Agreement with Melinta Therapeutics, LLC valued at Modified regulatory milestones payable upon receipt of marketing approval of rezafungin acetate for (effective 2024-04-23).

Action: amendment
Agreement: license
Counterparty: Melinta Therapeutics, LLC
Value: Modified regulatory milestones payable upon receipt of marketing approval of rezafungin acetate for
Effective: 2024-04-23

Exact text from the filing

In connection with the Purchase Agreement and as a condition to entering into the Purchase Agreement, the Company entered into an amendment, dated April 23, 2024, to the Melinta License Agreement (the "Melinta License Amendment") that, among other changes, modified the regulatory milestones payable upon receipt of marketing approval of the current rezafungin acetate product for an Additional Indication (as defined in the Melinta License Agreement).

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Source: SEC EDGAR

accession 0001610618-24-000050

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