Seelos Agrees To Repurchase Significant Portion Of Royalties Due On SLS-002

(RTTNews) - Seelos Therapeutics, Inc. (SEEL) reported an amendment of the agreement with Vyera Pharmaceuticals AG for the development of SLS-002 to repurchase in cash a significant portion of the royalties payable on any future net sales of SLS-002.

In 2018, Seelos entered into an asset purchase agreement with Vyera to acquire the assets and liabilities of Vyera's intranasal racemic ketamine program, which Seelos now calls SLS-002. As additional consideration, Seelos agreed to pay a mid-teens percentage royalty on any future net sales of SLS-002. For additional cash payments, Seelos has agreed to repurchase 9% of the future royalties and reduce its royalty obligations to a mid-single digit percentage on any future net sales of SLS-002.