Ohr Pharmaceuticals (OHRP) enters into a definitive agreement to acquire the ophthalmology assets from privately-held SKS Ocular LLC and its affiliate SKS Ocular 1 LLC. Ohr will pick up a micro-fabrication polymer-based sustained release technology platform under development and a pipeline of pre-clinical sustained release drug product candidates that target glaucoma, retinal disease and other ophthalmic indications. Closing date is May 30.
Under the terms of the agreement Ohr will reorganize into a holding company, pay SKS $3.5M in cash and 1,194,862 shares of Ohr common stock. Upon the completion of certain milestones, Ohr will issue SKS up to 1,493,577 additional shares of common as consideration. If Ohr enters into a new research agreement with SKS' current (unnamed) research partner in the next six months, two-thirds of any cash payments from said partner shall be paid to SKS up to a maximum of $5M.