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DURATA THERAPEUTICS, INC. FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

August 22, 2014



Item 1.01. Entry into a Material Definitive Agreement.

As contemplated by the prospectus related to the initial public offering of Durata Therapeutics, Inc. (the "Company") and the Company's Annual Reports on Form 10-K for the fiscal years ended December 31, 2012 and 2013, on August 18, 2014 the Company, pursuant to the stock purchase agreement between the Company and Pfizer, Inc. ("Pfizer") dated December 11, 2009, (i) elected to defer payment of the previously disclosed $25 million milestone payment owed to Pfizer as a result of the first commercial sale of dalbavancin for the treatment of ABSSSI being made in the United States and (ii) delivered to Pfizer a promissory note in an aggregate principal amount of $25 million representing the amount of such milestone payment. The promissory note has a maturity date of July 7, 2019 and interest on the outstanding principal accrues at a rate of 10% per annum, compounded annually.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of Registrant.

The information included under Item 1.01 hereof is incorporated by reference into this Item 2.03.

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Source: Edgar Glimpses


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