Titan Pharmaceuticals to sell certain ProNeura assets for $2M upfront

Titan Pharmaceuticals has entered into an Asset Purchase Agreement with Fedson for the sale of certain ProNeura assets including Titan’s portfolio of drug addiction products, in addition to other early development programs based on the ProNeura drug delivery technology. The Company’s addiction portfolio consists of the Probuphine and Nalmefene implant programs. Under the terms of the Agreement, Fedson will purchase the ProNeura assets from Titan for an upfront purchase price of $2M with potential milestone payments to Titan of up to $50 million on future net sales of the products. Titan would also receive single digit royalties on future net sales of the products. Additionally, Fedson will assume all liabilities related to a pending employment claim against Titan. The transaction is expected to close 10 days following signing of the Agreement.