Exhibit 10.46

 

ASSIGNMENT OF TRADEMARKS

 

WHEREAS, MONARCH PHARMACEUTICALS, INC., a Tennessee corporation having a place
of business at 501 Fifth Street, Bristol, Tennessee 37620, and PARKEDALE
PHARMACEUTICALS, INC., a Michigan corporation having a place of business at 501
Fifth Street, Bristol, Tennessee 37620 (together, “Assignor”), have used and are
using the trademarks identified on Schedule A and are the owners of the
trademark registrations identified on Schedule A (the “Marks”), including the
goodwill of the business connected with the use of, and symbolized by, the
Marks.

 

WHEREAS, SALIX PHARMACEUTICALS, INC., a California corporation having a place of
business at 8540 Colonnade Center Drive, Suite 501, Raleigh, North Carolina
27615 (“Assignee”), desires to acquire all right, title and interest in and to
the Marks, including any and all federal applications and registrations
therefor.

 

WHEREAS, Assignor and Assignee have entered into an Asset Purchase Agreement
dated as of the date hereof, pursuant to which Assignor has agreed, inter alia,
to assign to Assignee certain assets, including: (a) all right, title and
interest in and to the Marks and (b) the goodwill of the business associated
with the Marks.

 

NOW THEREFORE, for good and valuable consideration paid by Assignee, receipt of
which is hereby acknowledged, Assignor hereby assigns and transfers to Assignee,
the entire right, title and interest in and to the Marks, including the goodwill
of the business connected with the use of, and symbolized by, the Marks, free
and clear of any and all liens, security interests, and other encumbrances.

 

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IN WITNESS WHEREOF, the undersigned has caused this instrument to be signed by a
duly authorized corporate officer as of this 30th day of June, 2004.

 

MONARCH PHARMACEUTICALS, INC.

By:

 

/s/ Brian A. Markison

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Name:

 

Brian A. Markison

Title:

 

Acting President and Chief Executive Officer

PARKEDALE PHARMACEUTICALS, INC.

By:

 

/s/ Brian A. Markison

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Name:

 

Brian A. Markison

Title:

 

Acting President and Chief Executive Officer

 

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SCHEDULE A

 

Assigned Trademarks

 

Country

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Mark

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Application

No./

Registration

No.

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Goods/Services

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   Status

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United States    PROCTOCORT    2,132,640    Class 5: Topical preparation for
treatment of inflammatory and pruritic demartose.    Registered on
1/27/98. Dominican Republic    PROCTOCORT    113,905    Class 11: Chemical
products for the industry, photography, etc., materials for staining drugs,
pharmaceutical products, chemical or medicinal, especial or not, object for
bandages, disinfectants and veterinary products    Registered
7/30/00.