Pozen Enters into Purchase and Sale Agreement with CPPIB Credit Investments; Shares Rise 48% Pre-Market

Pharmaceutical company Pozen (NASDAQ: POZN) entered into a Purchase and Sale Agreement with CPPIB Credit Investments pursuant to which the Company sold, and CII purchased, the Company's right to receive future royalty payments arising from U.S. sales of MT 400, including Treximet, the Company's sumatriptan / naproxen sodium product which incorporates the Company's MT 400 technology. MT 400 refers to proprietary combinations of a triptan and a non-steroidal anti-inflammatory drug. Under the Agreement, the Company received a purchase price of $75 million and will receive a twenty percent interest in any Royalties received by CII relating to the period commencing on April 1, 2018. The Agreement also grants CII (i) the right to receive certain reports relating to the Royalty Entitlement, and (ii) certain audit rights relating to the Royalty Entitlement.