Form 8-K - Current report
03 Août 2023 - 10:15PM
Edgar (US Regulatory)
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2023-08-01
2023-08-01
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported): August 1, 2023
AVADEL PHARMACEUTICALS PLC
(Exact name of registrant as specified
in its charter)
Ireland |
001-37977 |
98-1341933 |
(State or other jurisdiction |
(Commission |
(IRS Employer |
of incorporation) |
File Number) |
Identification No.) |
10
Earlsfort Terrace
Dublin 2, Ireland, D02
T380 |
Not Applicable |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including
area code: +353
1 901 5201
Not Applicable
(Former name or former address,
if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section
12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which
registered |
American
Depositary Shares*
Ordinary Shares, nominal value
$0.01 per share** |
AVDL
N/A |
The Nasdaq Global Market |
*American Depositary Shares may be evidenced
by American Depositary Receipts. Each American Depositary Share represents one (1) Ordinary Share.
** Not for trading, but only in connection with the listing
of American Depositary Shares on The Nasdaq Global Market.
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 2.03. Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.
As previously disclosed, on March 29, 2023, Avadel CNS Pharmaceuticals,
LLC (“Avadel CNS”), an indirect wholly-owned subsidiary of Avadel Pharmaceuticals plc (the “Company”), the Company
and each guarantor party thereto, and certain entities that have engaged RTW Investments, LP to serve as investment manager (“RTW”)
entered into a Purchase and Sale Agreement (the “Royalty Purchase Agreement”).
Pursuant to the Royalty Purchase Agreement, Avadel CNS sold to RTW
the right to receive certain royalty payments from Avadel CNS (up to a 2.5x return on RTW’s investment) for a purchase price of
up to $75.0 million in cash. RTW agreed to pay Avadel CNS: (a) $30.0 million upon (i) amendment of the Company’s existing
convertible notes, (ii) receipt of U.S. Food and Drug Administration approval of LUMRYZTM,
(iii) the first shipment of LUMRYZ, and (iv) other customary closing conditions (“Tranche 1 Payment”), and (b) $45.0
million, at Avadel CNS’s election, if the Company’s quarterly net revenue equals or exceeds $25.0 million for any single quarter
through and including the second quarter of 2024 (“Tranche 2 Payment”), subject to customary closing conditions. If Avadel
CNS elects not to receive the Tranche 2 Payment on or prior to August 31, 2024, the option to receive the Tranche 2 Payment will
expire. Under the Royalty Purchase Agreement, RTW is entitled to receive royalties at a rate of 3.75% on net sales of LUMRYZ if the Tranche
1 Payment is made or 7.50% if both the Tranche 1 Payment and Tranche 2 Payment are made.
Under the Royalty Purchase Agreement, Avadel CNS has agreed to specified
affirmative and negative covenants, including without limitation covenants regarding periodic reporting of information by Avadel CNS to
RTW, audit and inspection covenants, and certain restrictions on the ability of Avadel CNS or any of its subsidiaries to incur indebtedness
(which restrictions are eliminated after the achievement by RTW of a specified return on its investment). The Royalty Purchase Agreement
also contains representations and warranties, other covenants, indemnification obligations, and other provisions customary for transactions
of this nature.
Following satisfaction of all required closing conditions with respect
to the Tranche 1 Payment, on August 1, 2023 Avadel CNS received the Tranche 1 Payment from RTW.
The foregoing summary of the Royalty Purchase Agreement is not complete
and is qualified in its entirety by reference to the complete text of the Royalty Purchase Agreement filed as an exhibit to the Current
Report on Form 8-K/A filed by the Company on March 30, 2023.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 3, 2023 |
AVADEL PHARMACEUTICALS PLC |
|
|
|
|
By: |
/s/ Jerad G. Seurer |
|
|
Name: |
Jerad G. Seurer |
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|
Title: |
General Counsel & Corporate Secretary |
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