Adamis Pharmaceuticals Corp. (Nasdaq: ADMP) announced Tuesday that it recently made a final payment of $7 million to fully acquire from 3M Co. (NYSE: MMM) and 3M Innovative Properties Co. certain intellectual property and assets.
Adamis said the payment was made at a closing held Dec. 27 and covers the acquisition of certain property and assets related to 3M's Taper Dry Powder Inhaler technology, under development for the treatment of asthma and chronic obstructive pulmonary disease. Adamis said it intends to utilize the assets initially to undertake efforts to develop a dry powder inhaler device for the treatment of asthma and COPD to deliver the same active ingredients as GlaxoSmithKline's Advair Diskus.
Acquired intellectual property in the transaction includes patents, patent applications and other intellectual property relating to the Taper assets.
On Aug. 1, Adamis announced it had made an initial payment to 3M of $3 million and obtained an exclusive worldwide license to the assets and intellectual property in all indications in the dry powder inhalation field through the end of 2013. The agreement provided that upon a subsequent closing payment by Adamis of an additional $7 million before Dec. 31, 2013, and satisfaction of other customary closing conditions, ownership of the assets and intellectual property would be transferred to Adamis. Adamis granted back to 3M a license to the intellectual property assets outside of the dry powder inhalation field.
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