CONSENT AND WAIVER
Exhibit 10.2
Execution Copy
This CONSENT AND WAIVER is effective as of March 7, 2012 (“Effective Date”), and is made by and between CORNERSTONE THERAPEUTICS INC., a Delaware corporation, with its principal address located at 0000 Xxxxxxxx Xxxxx Xxxxx, Xxxxx 000, Xxxx, XX 00000 (“CRTX”), and XXX PHARMA, L.P. d/b/a Mylan Specialty (formerly known as Xxx, X.X.), a Delaware limited partnership with its principal address located at 000 Xxxxx Xxxx, 0xx Xxxxx, Xxxxxxx Xxxxx, Xxx Xxxxxx 00000 (“Xxx”), and acknowledged and agreed to by Vansen Pharma Inc., a Quebec corporation, with its principal address located at 0000-0000 xxxx. Xx Xxxxxxxxxxx 0., Xxxxxxxxx (Xxxxxx), Xxxxxx, X0X 0X0 (“Buyer”). Each of CRTX and Xxx are referred to herein as a “Party”, or together as “Parties”. Capitalized terms used herein and not otherwise defined will have the meanings given to such terms in the Co-Promotion Agreement (as hereinafter defined).
WHEREAS, the Parties entered into a Co-Promotion and Marketing Services Agreement, dated as of March 13, 2007, as amended by that certain Amendment No.1 to the Co-Promotion and Marketing Services Agreement, effective as of June 25, 2007, and that certain Amendment No.2 to the Co-Promotion and Marketing Services Agreement, dated May 4, 2009 (the “Co-Promotion Agreement”), authorizing Xxx to Promote and Detail certain Products bearing the Zyflo® trademark to pulmonary specialists meeting the definition of PUD(s), subject to the terms and conditions of the Co-Promotion Agreement; and
WHEREAS, pursuant to Section 2.1 of the Co-Promotion Agreement, CRTX does not have the right to grant or license under the CRTX Trademarks and CRTX Patents to any Third Party the right to Promote and Detail the Products in the Territory during the Term of the Co-Promotion Agreement; and
WHEREAS, pursuant to Section 4.2 of the Co-Promotion Agreement, the sales force of each Party shall remain under the direct and exclusive authority, supervision and control of that Party at all times during the Term of the Co-Promotion Agreement; and
WHEREAS, in connection with the divestiture to Buyer of a substantial portion of its business that is focused on primary care physicians, CRTX wishes to grant certain rights to Buyer to Promote and Detail the Products solely to primary care physicians; and
WHEREAS, Xxx has indicated that it is willing to consent to the grant of such rights to Buyer provided that (i) the rights granted to Buyer do not include any right to Promote and Detail the Products to PUDs and (ii) Buyer acknowledges and agrees to the provisions set forth herein.
THE PARTIES AGREE AS FOLLOWS:
1. Xxx consents to (i) the grant by CRTX to Buyer of the right to Promote and Detail the Products solely to primary care physicians in the Territory during the Term of the Co-Promotion Agreement and (ii) the use by Buyer of Buyer’s own sales force to Promote and Detail the Products solely to primary care physicians as set forth in (i) above. The Parties hereto hereby waive compliance with Sections 2.1 and 4.2 of the Co-Promotion Agreement solely with respect to the matters set forth in this Section.
2. CRTX agrees and covenants that the rights to be granted do not include any right to Promote or Detail the Products to PUDs.
3. All references in the Agreement to CRTX Sales Representatives or CRTX sales force shall also include the permitted designee of CRTX’s Sales Representatives or sales force. CRTX shall be solely liable and responsible under the Co-Promotion Agreement for any acts, duties, obligations or liabilities with respect to its Sales Representatives or sales force, or the Sales Representatives or sales force of Buyer.
4. In addition to the indemnification provisions contained in the Co-Promotion Agreement, CRTX will indemnify, defend and hold harmless each XXX Indemnified Party from and against any Claims and Losses, in each case that a XXX Indemnified
Party may incur, suffer or be required to pay, arising out of or attributable to a claim or action based upon the storage, marketing, sale, distribution, use, misuse or Promotion of any Product by Buyer or on behalf of Buyer.
5. Except to the extent specifically waived or amended herein, all other terms and conditions of the Co-Promotion Agreement will remain in full force and effect, including, without limitation, CRTX’s obligations under Article 4 of the Co-Promotion Agreement.
6. CRTX reaffirms that it will comply with the terms of Section 9.4 of the Co-Promotion Agreement regarding press releases or other public announcements.
FURTHERMORE, Buyer acknowledges and agrees that:
1. The rights granted to Buyer referenced herein or in any agreement between Buyer and CRTX do not include any right to Promote or Detail the Products to PUDs.
2. No provision of the Co-Promotion Agreement shall be for the benefit of, or be enforceable by, the Buyer. Buyer shall not obtain any right under any provision of the Co-Promotion Agreement and shall not make any claim against Xxx or its affiliates in connection therewith.
3. Buyer will not (a) issue or cause the publication of any press release or other public announcement with respect to the rights granted to Buyer referenced herein or (b) use or disclose Dey’s or any of Dey’s affiliates’ names, service marks, trademarks, logos or otherwise identify or refer to Xxx or any of Dey’s affiliates in any press release, publicity, marketing or promotional material for any purpose, without the prior written consent of Xxx in its sole discretion.
This Consent and Waiver shall be governed by the laws of the State of New York, without regard to the conflict of laws provisions thereof. Any dispute arising between Xxx and CRTX in connection with this Consent and Waiver shall be resolved in the same manner as a Dispute under the Co-Promotion Agreement.
This Consent and Waiver may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same instrument.
Page 2 of 3
This Consent and Waiver, once executed, may be delivered via electronic facsimile transmission with the same force and effect as if it were executed and delivered by the parties hereto in the presence of one another.
Agreed to by the parties as of the Effective Date:
| CORNERSTONE THERAPEUTICS INC. | XXX PHARMA, L.P. d/b/a Mylan Specialty | |||||||
| By: Xxx, Inc., its General Partner | ||||||||
| By: | /s/ Xxxx Xxxxxxxx |
By: | /s/ Xxxx Xxxxxxx | |||||
| Print Name: Xxxx Xxxxxxxx | Print Name: Xxxx Xxxxxxx | |||||||
| Title: VP, Corporate Strategy | Title: President | |||||||
ACKNOWLEDGED AND AGREED TO AS OF THE EFFECTIVE DATE:
| VANSEN PHARMA INC. | ||
| By: | /s/ Xxxxxxx Xxxxxxxx | |
| Print Name: Xxxxxxx Xxxxxxxx | ||
| Title: President | ||
Page 3 of 3
