Lexicon Pharmaceuticals Enters Material Definitive Agreement
Ticker: LXRX · Form: 8-K · Filed: Oct 16, 2024
Sentiment: neutral
Topics: material-agreement, definitive-agreement
Related Tickers: LXRX
TL;DR
Lexicon just signed a big deal, details TBD.
AI Summary
On October 16, 2024, Lexicon Pharmaceuticals, Inc. entered into a material definitive agreement. The filing does not disclose the specific details of this agreement, such as the counterparty or financial terms, but it signifies a significant development for the company.
Why It Matters
This filing indicates a significant new contract or partnership for Lexicon Pharmaceuticals, which could impact its future operations and financial performance.
Risk Assessment
Risk Level: medium — The lack of specific details in the filing regarding the material definitive agreement introduces uncertainty about its nature and potential impact.
Key Players & Entities
- Lexicon Pharmaceuticals, Inc. (company) — Registrant
- October 16, 2024 (date) — Date of Report
FAQ
What is the nature of the material definitive agreement entered into by Lexicon Pharmaceuticals?
The filing states that Lexicon Pharmaceuticals, Inc. entered into a material definitive agreement on October 16, 2024, but does not provide specific details about the agreement itself.
Who is the counterparty to this material definitive agreement?
The filing does not disclose the name of the other party involved in the material definitive agreement.
What are the key terms and financial implications of this agreement?
Specific terms and financial implications of the material definitive agreement are not detailed in this 8-K filing.
When was this material definitive agreement officially entered into?
The agreement was entered into on October 16, 2024, which is also the date of the report.
Does this agreement represent a new partnership, acquisition, or other significant business transaction?
The filing categorizes the event as an 'Entry into a Material Definitive Agreement,' suggesting a significant business transaction, but does not specify its exact nature.
Filing Stats: 639 words · 3 min read · ~2 pages · Grade level 13.3 · Accepted 2024-10-16 16:37:25
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 LXRX The Nasdaq Global Select Market
- $25 million — atris will pay us an upfront payment of $25 million. In addition, we are eligible to receiv
- $12 million — from Viatris (a) up to an aggregate of $12 million upon the achievement of specified regul
- $185 million — ilestones and (b) up to an aggregate of $185 million upon the achievement of specified sales
Filing Documents
- lxrx-20241016.htm (8-K) — 24KB
- 0001062822-24-000054.txt ( ) — 145KB
- lxrx-20241016.xsd (EX-101.SCH) — 2KB
- lxrx-20241016_lab.xml (EX-101.LAB) — 21KB
- lxrx-20241016_pre.xml (EX-101.PRE) — 12KB
- lxrx-20241016_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On October 16, 2024, we entered into an Exclusive License Agreement (the " Agreement ") with Viatris Inc. (" Viatris ") for the development and commercialization of sotagliflozin in all markets outside of the United States and Europe (the " Licensed Territory "). Under the Agreement, we granted Viatris an exclusive, royalty-bearing right and license under our patent rights and know-how to develop and commercialize sotagliflozin in the Licensed Territory. Viatris is responsible for using commercially reasonable efforts to commercialize sotagliflozin in the Licensed Territory pursuant to a mutually approved commercialization plan. Viatris will be responsible for all regulatory and commercialization activities for sotagliflozin in the Licensed Territory, as well as the conduct of any additional clinical trials required to obtain such regulatory approvals. Under the Agreement, Viatris will pay us an upfront payment of $25 million. In addition, we are eligible to receive from Viatris (a) up to an aggregate of $12 million upon the achievement of specified regulatory milestones and (b) up to an aggregate of $185 million upon the achievement of specified sales milestones. We are also entitled to tiered royalties ranging from low double-digit to upper-teens percentages of annual net sales of sotagliflozin in the Licensed Territory. We and Viatris will enter into a manufacturing and supply agreement pursuant to which we will supply Viatris's development and commercial requirements of sotagliflozin, and Viatris will pay an agreed upon transfer price for such supply. The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which we expect to file as an exhibit to our annual report on Form 10-K for the year ending December 31, 2024.
Signatures
Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Lexicon Pharmaceuticals, Inc. Date: October 16, 2024 By: /s/ Brian T. Crum Brian T. Crum Senior Vice President and General Counsel