UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 | Other Events. |
On April 30, 2020, a subsidiary of Horizon Therapeutics plc (“Horizon”) entered into an agreement with Lundbeckfond Invest A/S (“Lundbeckfond”) pursuant to which Horizon acquired all of Lundbeckfond’s beneficial rights to proceeds from certain contingent future TEPEZZA (teprotumumab-trbw) milestone and royalty payments in exchange for a one-time payment of $55.0 million.
In May 2017, Horizon acquired River Vision Development Corp. (“River Vision”) and in connection with the acquisition, the previously outstanding capital stock of River Vision was converted into an up-front cash payment and rights to receive contingent future milestone and royalty payments related to TEPEZZA. The remaining aggregate potential milestone payments are $225 million and are payable based on certain TEPEZZA worldwide net sales thresholds being achieved. In addition, Horizon is obligated to pay a 3% royalty on the portion of annual worldwide net sales of TEPEZZA exceeding $300.0 million (such royalty, together with the milestone payments the “TEPEZZA Payments”). Lundbeckfond, as one of the former River Vision stockholders, held rights to receive approximately 35.66% of any future TEPEZZA Payments.
As a result of the transaction with Lundbeckfond and the previously-announced similar transaction with S.R. One, Limited, Horizon’s remaining net obligations to make TEPEZZA Payments to the former stockholders of River Vision will be reduced by an aggregate of approximately 71.32%.
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 hereunto duly authorized.
Date: May 1, 2020 |
HORIZON THERAPEUTICS PUBLIC LIMITED COMPANY | |||||
By: |
/s/ Paul W. Hoelscher | |||||
Paul W. Hoelscher | ||||||
Executive Vice President, Chief Financial Officer |
Document and Entity Information |
Apr. 30, 2020 |
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Cover [Abstract] | |
Entity Registrant Name | Horizon Therapeutics Public Ltd Co |
Entity Tax Identification Number | 00-0000000 |
Amendment Flag | false |
Entity Central Index Key | 0001492426 |
Document Type | 8-K |
Document Period End Date | Apr. 30, 2020 |
Entity Incorporation State Country Code | L2 |
Entity File Number | 001-35238 |
Entity Address, Address Line One | Connaught House |
Entity Address, Address Line Two | 1st Floor |
Entity Address, Address Line Three | 1 Burlington Road |
Entity Address, City or Town | Dublin 4 |
Entity Address, Postal Zip Code | D04 C5Y6 |
Entity Address, Country | IE |
City Area Code | 011-353-1 |
Local Phone Number | 772-2100 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Ordinary shares, nominal value $0.0001 per share |
Trading Symbol | HZNP |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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