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Exhibit 10.15    
    

[LOGO] 

June 11,
2001 

Mr. John
C. Armstrong

Box P 145

South Dartmouth, Massachusetts 02748 

Dear
John: 

        I
am writing to confirm our most recent understanding of the agreed upon details of our lease extension at our LaGrange Street facility: 

        I
would like to propose the following adjustments to our lease with you for this facility: 

	•
	Exercise
three option years (03/15/02 through 03/14/05) and adjust annual rent to $6.00 per square foot (based on 46,000 square feet) commencing 08/15/01, running through
03/14/05

	•
	Add
three option years to the 1ease period (so that we would have five—one year option periods running from 03/15/05 through 03/14/10); all five option periods
would be at a rate of $7.00 per square foot 

        If
you agree with the foregoing lease changes, please sign and return a copy of this letter. In that event, I'll have an amendment to the current lease generated for signature. 

Sincerely, 

ARMSTRONG PHARMACEUTICALS, INC.

Benjamin
Shepherd

Chief Operating Officer,

Cc: T. Amann 

        Accepted &
agreed: 

        /s/  JOHN C. ARMSTRONG      

LEASE EXTENSION AGREEMENT  

        AGREEMENT made as of this 8th of February, 1999, by and between JOHN C. ARMSTRONG, with a current address of Box P145, South Dartmouth, Massachusetts 02748
("Lessor"), and MEDEVA PHARM1ACEUTICALS MA, INC., a Delaware corporation, having an office at 423 LaGrange Street, West Roxbury, Massachusetts 02132 ("Lessee"). 

WITNESSETH:  

        WHEREAS, by lease (the "Original lease") dated as of March 15, 1965, by and among Robert W. Armstrong, Jr. and, John C. Armstrong, as Trustees of Robert W.
Armstrong, Jr., Family Trusts, under Declaration of Trust dated February 1, 1962, duly recorded with Suffolk Deeds, and Robert W. Armstrong, Jr. and John C. Armstrong, as Trustees of John C.
Armstrong Family Trusts under Declaration of Trust dated February 1, 1962, duly recorded with Suffolk Deeds, and Robert W. Armstrong, Jr. And John C. Armstrong, as Trustees of John C. Armstrong
Family Trusts under Declaration of Trust dated February 1, 1962, duly recorded with said Deeds, collectively, as lessor (the "Original Lessor"), and Armstrong Laboratories, Inc., a
Massachusetts corporation and predecessor-in-interest to Lessee, as lessee (the "Original Lessee"), the Original Lessee leased certain premises known as 423 LaGrange Street,
West Roxbury, Massachusetts, as more particularly described in the Original Lease (the "Premises"); 

        WHEREAS,
the Original Lease was intended to supersede an earlier lease dated February 1, 1962, as amended by and agreement dated May 15, 1964, between the Original Lessor
and the Original Lessee covering the Premises; 

        WHEREAS,
by agreements dated October 20, 1969, December 10, 1976, as of July 1, 1985, as of May 21, 1986, July 27, 1988, November 9, 1989,
May 29, 1992, June 14, 1993, March 7, 1996 and May 29, 1997 (collectively, the "Amendments"), the term of the Original Lease was extended and certain other provisions
thereof were modified in various respects (the Original Lease and the Amendments collectively, the "Lease"); 

        WHEREAS,
Lessor has succeeded to the interests of all prior lessors in and to the Lease; 

        WHEREAS,
Lessee has succeeded to the interest of all prior lessees in and to the Lease; 

        WHEREAS,
Lessor and Lessee desire to further amend the Lease: 

        (a)   to
confirm the exercise by Lessee of its option to renew the Lease for a one year renewal term expiring on March 14, 2002, and 

        (b)   to
grant to Lessee three additional options to extend the term of the Lease for three successive one year terms expiring on March 14, 2005, March 14, 2006
and March 14, 2007, respectively, on the terms herein specified; said options are in addition to the one year options granted to Lessee to extend the term of the Lease to March 14, 2003
and March 14, 2004, respectively; 

        NOW,
THEREFORE, in consideration of the mutual promises herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, Lessor and Lessee agree as
follows: 

        1.     Lessee
hereby exercises its options to extend the term of the Lease for a one-year term, expiring on March 14, 2002 at the annual rent of $147,810, and
Lessor and Lessee each confirms to the other that the term of the Lease has been so extended to March 14, 2002. 

        2.     Lessor
hereby grants to Lessee additional irrevocable options to renew the Lease for three successive renewal terms of one year each, expiring on March 14, 2005,
March 14, 2006 and March 14, 2007, respectively, and, in each case at the annual rental of $147,810, exercisable by Lessee by giving to Lessor notice of the exercise thereof not later
than six months prior to the commencement date of the particular renewal term in question (namely six months prior to March 15, 2005, March 15, 2006 and March 15, 2007,
respectively). Upon giving each such notice, the Lease forthwith shall be renewed for the particular term in question. 

        3.     Lessee,
at its election, may exercise the options to renew the term of the Lease set forth in Section 2 above for one or more renewal terms simultaneously,
provided that the notice to such effect is given to Lessor not later than six months prior to the commencement of the earliest of such selected renewal terms. 

        4.     All
of the terms, covenants, and conditions of the Lease (except as herein modified and except those provisions which by their terms are no longer applicable) shall
continue in full force and effect during each renewal term, except that Lessee shall not have the right to renew this Lease for any term beyond the expiration of the last renewal term provided for
herein. 

        5.     If
Lessee does not exercise any of the options to renew the term of the Lease granted in Section 2 above within the time specified hereinabove, the option to renew
for any successive renewal terms forthwith shall terminate. 

        6.     This
Agreement may not be changed or terminated orally, but only by an agreement in writing signed by the party to be charged. 

        7.     This
Agreement shall be binding upon and inure to the benefit of Lessor and Lessee and their respective distributees, personal representatives, successors and assigns. 

        IN
WITNESS WHEREOF, Lessor and Lessee have duly executed this Agreement as of the date first above written. 

	 	 	/s/  JOHN C. ARMSTRONG      
 John C. Armstrong, Lessor
	

 	
 	

MEDEVA PHARMACEUTICALS MA, INC.

Lessee
	

 	
 	

By:	

/s/  BENJAMIN A. SHEPHERD      
 Benjamin A. Shepherd

President

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Exhibit 10.15QuickLinks
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Exhibit 10.16    
    

 VOID AFTER 5:00 P.M., CALIFORNIA TIME,

ON JANUARY 1,2005  

THIS
WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER JURISDICTION. THE SECURITIES REPRESENTED HEREBY MAY NOT BE OFFERED OR SOLD IN THE ABSENCE OF AN EFFECTNE REGISTRATION STATEMENT FOR THE SECURITIES UNDER APPLICABLE
SECURITIES LAWS UNLESS OFFERED, SOLD OR TRANSFERRED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE LAWS. 

Date: March 20, 2001 

AMPHASTAR PHARMACEUTICALS, INC.

STOCK PURCHASE WARRANT  

        THIS WARRANT CERTIFIES THAT, for value received, CATHAY BANK or its registered assigns ("Holder") is entitled to purchase from AMPHAST AR
PHARMACEUTICALS, INC., a corporation organized under the laws of the State of California ("Company"), from time to time during the period specified in Section 2 hereof,
sixty-two thousand (62,000) fully paid and nonassessable shares of Company's common stock (the "Common Stock"), at an exercise price of $15.00 per share (the "Exercise Price"). The number
of shares of Common Stock purchasable hereunder (the "Warrant Shares") and the Exercise Price are subject to adjustment as provided in Section 5 hereof. 

        This
Warrant ("Warrant") is subject to the following terms, provisions and conditions: 

        1.    Manner of Exercise; Issuance of Certificates; Payment for Shares; Cashless Exercise.    (a) This Warrant
may be exercised at any time during the Exercise Period (as defined below) by Holder hereof, in whole or in part, by the surrender of this Warrant, together with a completed exercise agreement in the
form attached hereto (the "Exercise Agreement"), to Company by 5 p.m. California time on any Business Day (as defined below) at Company's principal executive offices (or such other office or
agency of Company as it may designate by notice to Holder hereof) and upon: (i) payment to Company in cash, by certified or official bank check or by wire transfer for the account of Company,
of the applicable Exercise Price for the Warrant Shares specified in the Exercise Agreement; or (ii) delivery to Company of written notice of an election to effect a Cashless Exercise (as
defined in Section 1 (b) hereof) for the Warrant Shares specified in the Exercise Agreement. The Warrant Shares so purchased shall be deemed to be issued to Holder hereof or such
Holder's designee, as the record owner of such shares, as of the close of business on the date on which this Warrant shall have been surrendered and the completed Exercise Agreement shall have been
delivered and payment shall have been made for such shares as set forth above or, if such day is not a Business Day, on the next succeeding Business Day. The Warrant Shares so purchased, representing
the aggregate number of shares specified in the Exercise Agreement, shall be promptly delivered to Holder hereof, not exceeding three Business Days, after this Warrant shall have been so exercised
(the "Delivery Period"). 

        (b)   This
Warrant may be exercised at any time or from time to time during the Exercise Period (as defined below), by presentation and surrender of this Warrant to Company at
its principal executive offices with a written notice of Holder's intention to effect a cashless exercise, including a calculation of the number of shares of Common Stock to be issued upon such
exercise in accordance with the terms hereof (a "Cashless Exercise"). In the event of a Cashless Exercise in lieu of paying the Exercise Price 

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in
cash, Holder shall surrender this Warrant for that number of shares of Common Stock determined by multiplying (i) the number of Warrant Shares to which it would otherwise be entitled to upon
exercise by (ii) a fraction, the numerator of which shall be the difference between the then current Fair Market Value (as defined below) per share of the Common Stock and the Exercise Price,
and the denominator of which shall be the Fair Market Value per share of Common Stock. 

        2.    Period of Exercise.    This Warrant may be exercised from time to time (an "Exercise Date") during the period
(the "Exercise Period") beginning on the date hereof (the "Warrant Issue Date") and ending at 5:00 p.m., California time, on January 1,2005. 

        3.    Registration Rights.    The registration rights of Holder shall be as set forth on Schedule 3 attached
hereto. 

        4.    Certain Agreements of Company.    Company hereby covenants and agrees as follows: 

        (a)    Shares Upon Issuance.    All Warrant Shares will, upon issuance in accordance with the terms of this Warrant
and the relevant securities laws and regulations, (i) be validly issued, fully paid and nonassessable and (ii) be free from all preemptive rights of any shareholder. 

        (b)    Reservation of Shares.    During the Exercise Period, Company shall at all times have authorized, and reserved
for the purpose of issuance upon exercise of this Warrant, a " sufficient number of shares of Common Stock, free from all liens, encumbrances (except for restrictions on transfer provided herein or
under applicable securities laws) and preemptive rights, to provide for the exercise in full of this Warrant. 

        (c)    Successors and Assigns.    This Warrant will be binding upon any entity succeeding to Company by merger,
consolidation, or acquisition of all or substantially all of Company's assets. 

        5.    Adjustments.    

        (a)    Common Stock Splits and Dividends.    If outstanding shares of Common Stock of the Company shall be subdivided
into a greater number of shares or a dividend in the shares of Common Stock shall be paid in respect of the shares of Common Stock, the Exercise Price in effect immediately prior to such subdivision
or at the record date of such dividend shall simultaneously with the effectiveness of such subdivision or immediately after the record date of such dividend be proportionately reduced. If outstanding
shares of Common Stock shall be combined into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall, simultaneously with the effectiveness of such
combination, be proportionately increased. When any adjustment is required to be made in the Exercise Price, the number of shares of Common Stock purchasable upon the exercise of this Warrant shall be
changed to the number determined by dividing (i) an amount equal to the number of shares issuable upon the exercise of this Warrant immediately prior to such adjustment, multiplied by the
Exercise Price in effect immediately prior to such adjustment, by (ii) the Exercise Price in effect immediately after such adjustment. 

        (b)    Reclassification. Etc.    In case of any reclassification or change of the outstanding securities of the
Company or of any reorganization of the Company (or any other corporation the membership interests or securities of which are at the time receivable upon the exercise of this Warrant) or any similar
company reorganization on or after the date hereof, then and in each such case Holder, upon the exercise hereof at any time after the consummation of such reclassification, change, reorganization,
merger or conveyance, shall be entitled to receive, in lieu of the Common Stock or other securities and property receivable upon the exercise hereof prior to such consummation, the membership
interests or other securities or property to which Holder would have been entitled upon such consummation if Holder had exercised this Warrant immediately prior thereto, all subject to further
adjustment as provided in Section Sea) hereof; and in each 

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such
case, the terms of this Section S shall be applicable to the shares of membership interests or other securities properly receivable upon the exercise of this Warrant after such
consummation. 

        (c)    Notices of Record Date.    In the event of (i) any taking by Company of a record of the holders of any
class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution or (ii) any capital reorganization of Company, any
reclassification, recapitalization or exchange of the capital stock of Company, or any merger or consolidation of Company with or into another corporation, or any transfer of all or substantially all
of the assets of Company to any other person, or any voluntary or involuntary dissolution, liquidation or winding up of Company, Company shall mail to Holder, at least ten (10) days prior to
the record date specified therein, a notice specifying (1) the date on which any such record is to be taken for the purpose of such dividend or distribution and a description of such dividend
or distribution, (2) the date on which any such reorganization, recapitalization, reclassification, exchange, consolidation, merger, dissolution, liquidation or winding up is expected to become
effective, and (3) the time, if any, that is to be fixed, as to when the holders of record of Common Stock (or other securities) shall be entitled to exchange their shares of Common Stock (or
other securities) for securities or other property deliverable upon such reorganization, reclassification,, exchange, consolidation, merger, dissolution, liquidation or winding up. 

        (d)    No Fractional Shares.    No fractional shares of Common Stock shall be issued upon exercise of this Warrant. In
lieu of any fractional shares to which Holder would otherwise be entitled, Company shall pay cash equal to the product of such fraction multiplied by the fair market value of one share of Company's
Common Stock on the date of exercise, as reasonably determined in good faith by the Board of Directors of Company. 

        (e)    Certain Definitions.    

        (i)    "Business
Day" means any day, other than a Saturday or Sunday or a day on which banking institutions in the State of California are authorized or obligated by law,
regulation or executive order to close. 

        (ii)   "Fair
Market Value" shall mean, as of any date, the value of Common Stock determined as follows: 

        (A)  If
the Common Stock is listed on any established stock exchange or a national market system including without limitation the Nasdaq National Market or The Nasdaq
SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system
for the last market trading day prior to the time of determination, as reported in The Wall Street Journal or such other source as the Board of Directors of Company reasonably deems reliable; 

        (B)  If
the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, Fair Market Value shall be the mean between the high bid
and low asked prices for the Common Stock on the last market trading day prior to the day of determination; or 

        (C)  In
the absence of an established market for the Common Stock, the Fair Market Value shall be determined, in good faith, by the Board of Directors of Company. 

The
manner of determining the Fair Market Value of the Common Stock set forth in the foregoing definition shall apply with respect to any other security in respect of which a determination as to fair
market value must be made hereunder. 

        6.    No Rights or Liabilities as a Stockholder.    This Warrant shall not entitle Holder hereof to any voting rights
or other rights as a stockholder of Company. No provision of this Warrant, in the absence 

3

 

of
affirmative action by Holder hereof to purchase Warrant Shares, and no mere enumeration herein of the rights or privileges of Holder hereof, shall give rise to any liability of such Holder for the
Exercise Price or as a stockholder of Company, whether such liability is asserted by Company or by creditors of Company. 

        7.    Transfer: Replacement of Warrant.    

        (a)    Restriction on Transfer.    This Warrant and the rights granted to Holder hereof are transferable in whole or
in part, at any time, upon surrender of this Warrant, together with a properly executed assignment in the form attached hereto, at the principal executive office of " Company. 

        (b)    Replacement of Warrant.    Upon receipt of evidence by Company of the loss, theft, destruction, or mutilation
of this Warrant, Company, at its expense, will execute and deliver, in lieu thereof, a new Warrant of like tenor. 

        (c)    Cancellation: Payment of Expenses.    Upon the surrender of this Warrant in connection with any transfer,
exchange, or replacement as provided in this Section 8, this Warrant shall be promptly canceled by Company. Company shall pay all taxes (other than securities transfer taxes) and all other
expenses (other than legal expenses, if any, incurred by Holder) and charges payable in connection with the preparation, execution, and delivery of this Warrant. 

        8.    Notices.    Any notices required or permitted to be given under the terms of this Warrant shall be sent by
certified or registered mail (return receipt requested) or delivered personally or by courier or by confirmed telecopy, and shall be effective five days after being placed in the mail, if mailed, or
upon receipt or refusal of receipt, if delivered personally or by courier, or by confirmed telecopy, in each case addressed to a party. The addresses for such communications shall be: 

	If to Company:	 	Amphastar Pharmaceuticals, Inc.

11570 6th Street Rancho

Cucamonga, CA 91730
	

 	
 	

Telephone No.: (626) 459-5515

Facsimile No.: (909) 980-5728

Attention: Dr. Jack Zhang, President

If
to Holder, at such address as such Holder shall have provided in writing to Company, or at such other address as such Holder furnishes by notice given in accordance with this Section 10. 

        9.    Governing Law.    This Warrant shall be governed by and construed in accordance with the internal laws of the
State of California applicable to contracts made and to be performed in the State of California. 

        10.    Amendments.    This Warrant and any provision hereof may only be amended by an instrument in writing signed by
Company and Holder hereof. 

        11.    Descriptive Headings.    The descriptive headings of the several Sections of this Warrant are inserted for
purposes of reference only, and shall not affect the meaning or construction of any of the provisions hereof. 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 

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        IN
WITNESS WHEREOF, Company has caused this Warrant to be signed by its duly authorized officer. 

	 	 	AMPHASTAR PHARMACEUTICALS, INC.
	

 	
 	

 	

 
	

 	
 	

By:	

/s/  JACK ZHANG      

	

 	
 	

Name: Dr. Jack Zhang
	

 	
 	

Title: President

5

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Exhibit 10.16

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