Sagent Pharmaceuticals and Actavis have signed an amendment to their manufacturing and supply agreement, providing an enhanced profit split in favor of Sagent, the addition of a zoledronic acid injection, 4 mg vial product, a modified termination date of December 31, 2014, and a one-time termination fee of $5 million payable to Sagent.
"Our mutually beneficial relationship with Actavis was an important contributor to the early development of our company," said Jeffrey M. Yordon, president, chief executive officer, and chairman of the board of Sagent. "Following the acquisition by Watson, Actavis provided us with an attractive economic incentive to modify the termination date to enable Actavis to pursue a different strategic direction. Among the consideration we received was the right to sell Actavis' zoledronic acid injection, 4 mg, vial product, which we are launching today at market formation. In addition, we will be able to utilize the one-time termination fee to enhance our developmental pipeline."