CHEMOCENTRYX, INC. Item 1.01 Entry into a Material Definitive Agreement
On
Pursuant to the Agreement, the Company's purchase of avacopan API is subject to
certain binding forecasting periods. The Company is also obligated to purchase
from Hovione a substantial portion of the Company's requirements for avacopan
API for a certain initial period of time. If avacopan is approved by the
The Agreement has an initial term that expires seven years after the first regulatory approval of avacopan by the FDA or EMA. The Agreement will automatically renew for successive two-year renewal terms unless either party delivers a notice of nonrenewal at least twelve months before the expiration of the initial term or the then current renewal term, as applicable.
The Agreement may be terminated by either party following an uncured material breach by the other party within 30 days of written notice of such material breach, or in the event the other party becomes insolvent or subject to bankruptcy proceedings. In addition, subject to certain termination fees, the Company may terminate the Agreement for convenience upon twelve months' prior written notice, or upon occurrence of certain regulatory events or actions, including if the Company fails to obtain approval for avacopan by the FDA or EMA, or such approval is withdrawn.
The Agreement contains representations, warranties and indemnity obligations customary for agreements of this type.
The foregoing description of the terms of the Agreement does not purport to be
complete and is qualified in its entirety by reference to the full text of the
Agreement, which will be filed with the Company's Quarterly Report on Form 10-Q
for the quarter ending on
--------------------------------------------------------------------------------
© Edgar Online, source
