Document:

exv10w24

Exhibit 10.24

EXECUTION COPY

STOCK PURCHASE AGREEMENT

     This Stock Purchase Agreement is entered into as of October 1, 2009, among the Laboratorio
Volta S.A., a sociedad anónima cerrada organized and existing under the laws of Chile
(“Volta”), Farmacias Ahumada S.A., a sociedad anónima abierta organized and existing under
the laws of Chile (“FASA”), FASA Chile S.A., a sociedad anónima cerrada organized and
existing under the laws of Chile (“FASA Chile” and collectively with Volta and FASA, the
“Sellers”), OPKO Chile Limitada, a sociedad de responsabilidad limitada organized and
existing under the laws of Chile, (“OPKO Chile), and Inversiones OPKO Limitada, a sociedad de
responsabilidad limitada organized and existing under the laws of Chile, (“OPKO” and together with
OPKO Chile, the “Buyers”) for the sale and transfer from the Sellers to the Buyers of 100%
of Pharma Genexx S.A., a sociedad anónima cerrada organized and existing under the laws of Chile
(the “Company”).

Preliminary Statements

     A. The Company is engaged principally in the business of importation, commercialization and
distribution of pharmaceutical products and medical devices for the government, private and
institutional markets.

     B. Volta owns 60 (sixty) shares of the Company, FASA owns 59 (fifty nine) shares of the
Company and FASA Chile owns one (1) share of the Company, all representing 100% of the issued and
outstanding shares of the Company (the “Shares”) and desire to sell to the Buyers at
Closing, and the Buyers desire to acquire, on the terms and subject to the conditions set forth in
this Agreement, all of the Shares from each of the Sellers, following which the Buyers will own 100
percent of the issued and outstanding shares of the Company.

Agreement

     In consideration of the preliminary statements and the respective representations and
warranties, covenants and agreements contained in this Agreement, the parties agree as set forth
below.

ARTICLE 1

Definitions

     In addition to terms defined elsewhere in this Agreement, the following terms when used in
this Agreement shall have the meanings indicated below:

     “Action” means any claim, action, suit, arbitration, inquiry, proceeding or
investigation by or before any Governmental Authority.

     “Agreement” means this Agreement together with all exhibits and schedules referred to
herein.

     “Company Intellectual Property” means Intellectual Property owned by the Company.

     “Company IP Agreements” means (a) licenses of Intellectual Property by the Company to
any third party, (b) licenses of Intellectual Property by any third party to the Company , (c)
agreements between the Company and any third party relating to the development or use of
Intellectual Property, and (d) consents,

 

 

settlements, decrees, orders, injunctions, judgments or rulings governing the use, validity or
enforceability of Company Intellectual Property.

     “Competing Transaction” means any of the following: (a) any merger, consolidation,
capital exchange, share exchange, business combination, recapitalization, liquidation, dissolution
or similar transaction involving the Company, (b) any sale, exchange, transfer or other disposition
or issuance of any of the Shares or any other registered capital, share capital or other ownership
interests in the Company (including any financing of the Company), or (c) any other transaction the
consummation of which would reasonably be expected to impede, prevent or materially delay the
transactions contemplated by this Agreement.

     “Contracts” means all contracts, agreements, covenants, commitments and other
instruments of any kind, whether oral or written, to which the Company is a party or to which any
Assets (as defined below) of the Company are bound.

     “Environmental Laws” means any Law and any enforceable judicial or administrative
interpretation thereof relating to pollution or protection of the environment or natural resources.

     “Governmental Authority” means any Chilean governmental, regulatory or administrative
authority, agency or commission or any court, tribunal, or judicial or arbitral body.

     “Governmental Order” means any order, writ, judgment, injunction, decree, stipulation,
determination or award entered into by or with any Governmental Authority.

     “Guaranty” means, as to any Person, any contract, agreement or understanding of such
Person pursuant to which such Person guarantees the indebtedness, Liabilities or obligations of
others, directly or indirectly, in any manner.

     “Hazardous Materials” means (a) any petroleum, petroleum products, by-products or
breakdown products, radioactive materials, asbestos-containing materials or polychlorinated
byphenyls, (b) any chemical, material or substance defined or regulated as toxic or hazardous or as
a pollutant or contaminant or waste under any applicable Environmental Law and (c) any other
chemical, material or substance which is regulated by any Environmental Law.

     “Intellectual Property” means (a) all inventions (whether patentable or unpatentable
and whether or not reduced to practice), all improvements thereto, and all patents, patent
applications, and patent disclosures, statutory invention registrations together with all
reissuances, divisions, continuations, continuations-in-part, revisions, extensions, and
reexaminations thereof and all rights therein provided by Law or international treaties and
conventions; (b) all trademarks, service marks, trade dress, logos, trade names, and corporate
names, together with all translations, adaptations, derivations, and combinations thereof and
including all goodwill associated therewith, and all applications, registrations, and renewals in
connection therewith; (c) all copyrightable works, all copyrights, and all applications,
registrations, and renewals in connection therewith; (d) all trade secrets and confidential
business information (including databases, ideas, research and development, know-how, formulas,
compositions, manufacturing and production processes and techniques, technical data, designs,
drawings, specifications, customer and supplier lists, pricing and cost information, and business
and marketing plans and proposals); (e) all computer programs and software (including data and
source and object codes and related documentation); (f) all other property rights in connection
with the foregoing; and (g) all copies and tangible embodiments thereof.

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     “Law” means any law, statute, ordinance, rule, regulation, order, writ, judgment or
decree.

     “Liabilities” means any liability, debt or obligation (whether known or unknown,
whether asserted or unasserted, whether absolute or contingent, and whether accrued or unaccrued,
any and all Actions, damages, deficiencies, fines, penalties, interest, assessments, judgments,
losses, Taxes, costs, expenses, including, without limitation, fees and disbursements of counsel
and experts.

     “Licensed Intellectual Property” means Intellectual Property licensed to the Company
pursuant to the Company IP Agreements.

     “Liens” means any liens, claims, charges, rights, pledges, security interests,
mortgages, options, title defects, conditions or other encumbrances, restrictions or limitations of
any nature whatsoever, including any restriction on the use, voting, transfer or other exercise of
any attributes of ownership.

     “Material Adverse Effect” means any change in or effect on the business of the Company
that individually, or together with all other such changes and effects, (a) is or could reasonably
be expected to be materially adverse to the business, assets, liabilities (contingent or
otherwise), condition, prospects or results of operations of the Company or (b) could reasonably be
expected to materially adversely affect the ability of the Buyers to operate or conduct the
business of the Company in the manner in which it is currently operated or conducted after the
Closing Date.

     “Organizational Documents” means any and all documents pursuant to which an entity is
organized and/or operates under the applicable laws of its jurisdiction.

     “Person” means any natural person, corporation, limited liability corporation,
unincorporated organization, partnership, association, joint stock company, joint venture, trust or
government, or any agency or political subdivision of any government, or any other entity.

     “Subsidiary” of a specified Person means a Person who directly or indirectly through
one or more intermediaries, controls, or is controlled by, or is under common control with the
specified Person.

     “Tax” means any Chilean, national, provincial, or local income, gross receipts,
franchise, estimated, alternative minimum, add-on minimum, sales, use, transfer, registration, all
gross receipts, sales, use, ad valorem, value added, excise, natural resources, severance, stamp,
occupation, premium, windfall profit, assets, minimum income, environmental, customs, duties, real
property, personal property, capital stock, social security obligations or contributions,
unemployment, disability, payroll, license, employee or other withholding, or other tax or
governmental charge, of any kind whatsoever, including any interest, penalties or additions to tax
or additional amounts in respect of the foregoing.

     “Transaction Documents” means this Agreement and its Schedules and the Escrow
Agreement.

     “US$” or “$” means the lawful currency of the United States of America.

ARTICLE 2

Purchase of Capital; Consideration

2.1 Capital to be Purchased. Subject to the terms and conditions set forth
herein, at the Closing, each of the Sellers shall sell, assign, transfer, convey and deliver, or
caused to be sold, assigned, transferred, conveyed and delivered, to the Buyers, and the Buyers
shall purchase from each of the Sellers, all of such

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Seller’s right, title and interest in and to the Shares, which, in the aggregate, represents all of
the outstanding contributed registered capital of the Company.

2.2 Consideration.

     (a) In consideration of the sale of the Shares by the Sellers to Buyer, Buyers shall
deliver an aggregate of US$133,333 per Share in immediately available funds payable as follows:

          (i) OPKO Chile shall deliver to Volta at Closing an aggregate of US$7.2 million; and
to FASA US$7,066,667. In turn, OPKO shall deliver to FASA Chile US$133,333. All those amounts
shall be delivered in immediately available funds (the “Closing Consideration”).

          (ii) OPKO Chile shall deliver to Escrow Agent at Closing an aggregate of US$1.6
million in immediately available funds (“Escrow Consideration”) 50% of which shall be
allocated to each of Volta and FASA, and to be held in escrow (as part of the “Escrow
Fund”) pursuant to the escrow agreement (the “Escrow Agreement”) with an escrow agent
selected by the Parties (the “Escrow Agent”) substantially in the form of Exhibit A
hereto.

ARTICLE 3

Representations and Warranties of Buyer

     In order to induce each of the Sellers to enter into this Agreement and to consummate the
transactions contemplated hereby, each Buyer makes the representations and warranties set forth
below to each of the Sellers as of the date hereof and as of the Closing Date.

3.1 Organization. Buyer is duly organized, validly existing and in good standing
under the Laws of the state of its formation.

3.2 Authorization; Enforceability. Buyer has all necessary corporate power and
authority to execute and deliver the Transaction Documents, to carry out its obligations hereunder
and thereunder, and to consummate the transactions contemplated hereby and thereby. The execution
and delivery of the Transaction Documents by Buyer and the consummation by Buyer of the
transactions contemplated hereby and thereby have been duly and validly authorized by all requisite
corporate action. This Agreement has been, and upon execution the Escrow Agreement shall have
been, duly and validly executed and delivered by Buyer and constitutes, and upon execution the
Escrow Agreement shall constitute, the legal, valid and binding obligation of Buyer, enforceable in
accordance with their respective terms.

3.3 No Violation or Conflict. The execution and delivery of the Transaction
Documents by Buyer, the consummation by Buyer of the transactions contemplated hereby and thereby,
and compliance by Buyer with the provisions hereof and thereof do not and will not (a) violate or
conflict with any provision of Buyer’s Organizational Documents; (b) violate or conflict with any
Law applicable to Buyer; and (c) with or without the passage of time or the giving of notice,
result in the breach of, or constitute a default under, or give to others any right of acceleration
of performance, termination, amendment or cancellation of, or result in the creation of any Lien
upon any property or assets of, Buyer pursuant to any instrument, contract, obligation or agreement
to which Buyer is a party or by which Buyer or its properties may be bound or effected, in each
case which would materially adversely affect the ability of Buyer to carry out its obligations
under, and to consummate the transactions contemplated by, this Agreement.

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ARTICLE 4

Representations and Warranties of each of the Sellers relating to the Company and to 

the sellers

     In order to induce Buyer to enter into this Agreement and to consummate the transactions
contemplated hereby, each of the Sellers, separately, make the representations and warranties set
forth below to OPKO Chile as of the date hereof and as of the Closing Date.

4.1 Organization. The Company has been duly organized and is validly existing
and in good standing under the Laws of the jurisdiction of its incorporation or organization, as
the case may be. The Company is duly qualified or licensed to do business, and is in good
standing, in each jurisdiction where the character of the properties owned, leased or operated by
it or the nature of its business makes such qualification or licensing necessary. The Company has
all requisite right, power and authority to (a) own or lease and operate its properties and (b)
conduct its business as presently conducted. The Company is not in violation of any provision of
its Organizational Documents.

4.2 Authorization; Enforceability. Each of the Sellers has all necessary power
and authority to execute and deliver the Transaction Documents, to carry out its obligations
thereunder, and to consummate the transactions contemplated thereby. The execution and delivery of
the Transaction Documents by each of the Sellers and the consummation by it of the transactions
contemplated thereby have been duly and validly authorized by all requisite action. This Agreement
has been, and upon execution the Escrow Agreement shall have been, duly and validly executed and
delivered by each of the Sellers and constitutes the legal, valid and binding obligations of each
of the Sellers, enforceable in accordance with their respective terms.

4.3 No Violation or Conflict. The execution and delivery of the Transaction
Documents by each of the Sellers, the consummation of the transactions contemplated thereby, and
compliance with the provisions thereof, do not and will not: (a) violate or conflict with any
provision of each of the Sellers ’s Organizational Documents; (b) violate or conflict with any Law
applicable to each of the Sellers; and (c) with or without the passage of time or the giving of
notice, result in the breach of, or constitute a default under, or give to others any right of
acceleration of performance, termination, amendment or cancellation of, or result in the creation
of any Lien upon any property or assets of each of the Sellers, including the Shares, pursuant to
any instrument, contract, obligation or agreement to which each of the Sellers is a party or by
which each of the Sellers or their respective properties may be bound or affected.

4.4 Subsidiaries. The Company has no Subsidiaries or equity interest in any
other person.

4.5 Capitalization. The Company’s authorized share capital, the names of the
holders thereof and the amount of capital held by each such holder, is set forth on Schedule
4.5. Except as set forth in Schedule 4.5, the Shares are owned by each of the Sellers free and
clear of all Liens, rights of first refusal, shareholder agreements other than the shareholders
agreement existing between the Sellers, which shall terminate upon Closing, preemptive rights,
charges and other encumbrances and agreements of any nature whatsoever. None of the Shares were
issued in violation of any Law, preemptive rights or rights of first refusal or other agreement or
rights. At the Closing, each of the Sellers will transfer and convey, and Buyer and its designee
will acquire good and valid title to the Shares, free and clear of all Liens.

4.6 Rights, Warrants, Options. Other than the Shares, there are no shares of
capital stock, other equity interests, stock options, warrants, notes, convertible securities,
rights of first refusal, preemptive rights, subscription rights, stock appreciation, phantom stock
or other rights, arrangements or commitments of any character outstanding to which each of the
Sellers is a party or by which each of the Sellers is bound or

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relating to the issued or unissued capital stock, registered capital or equity interests of the
Company or obligating the Company to issue or sell any shares of capital stock or other equity
interests in the Company.

4.7 Financial Statements; Books and Records. As of (i) the date hereof, the
Company has delivered a true and complete copy of (A) the audited consolidated balance sheet of the
Company for the fiscal years ended December 31, 2008 and 2007, and the audited consolidated profit
and loss statement and statement of cash flows for the fiscal years ended December 31, 2008 and
2007, including any related notes and schedules thereto, certified by the Company’s independent
registered public accounting firm pursuant to their audit of the financial records of the Company,
and (B) the audited consolidated balance sheet of the Company as of June 30, 2009 (the
“Reference Balance Sheet”) and the audited consolidated profit and loss statement and
statement of cash flows for the three months ended June 30, 2009 and 2008, including any related
notes and schedules thereto (collectively, the “Financial Statements”). The Financial
Statements: (1) have been prepared in accordance with the books of account and records of the
Company; (2) fairly present, and are true, correct and complete statements of, the consolidated
financial condition of the Company and the results of its operations at the dates and for the
periods specified in those statements; and (3) have been prepared in accordance with Chilean
generally accepted accounting principles (“GAAP”), consistently applied. In addition,
Sellers have delivered to Buyers the Financial Statements in accordance with U.S. generally
accounting principles.

4.8 Absence of Undisclosed Liabilities. The Company has no Liabilities or
commitments of any nature whatsoever, whether accrued, absolute, contingent or otherwise, other
than (a) those incurred since June 30 in the ordinary course of business consistent with past
practice and which do not and could not, individually or in the aggregate, have a Material Adverse
Effect, or (b) as disclosed and accrued for or reserved against in the Reference Balance Sheet.

4.9 Accounts and Notes Receivable and Payable. Set forth on Schedule 4.9
is a true and complete aged list of unpaid accounts and notes receivable owing to and owed by the
Company as of the date hereof. All of such accounts and notes receivable and payable constitute
only bona fide, valid and binding claims arising in the ordinary course of the Company’s business.

4.10 Absence of Material Adverse Effects. Since June 30, 2009, the Company has
conducted its business only in the ordinary course of business consistent with past practice and,
since such date: (a) there has been no Material Adverse Effect; and (b) the Company has not engaged
or agreed to engage in any of the actions described in Section 5.1.

4.11 Significant Customers and Suppliers. Listed in Schedule 4.11 are
the names of the twenty-five (25) most significant customers (measured by Chilean peso volume) of
the Company (the “Significant Customers”) during the fiscal years ended December 30, 2008
and December 31, 2007, and the amount for which each such Significant Customer was invoiced during
such periods. Since December 31, 2007, no Significant Customer, in a manner adverse to the
Company, (i) has canceled, suspended or otherwise terminated its relationship with the Company,
(ii) has advised the Company of its intention to cancel, suspend or terminate its relationship or
to materially decrease its purchase of the products or services of the Company or to change the
terms upon which it purchases products or services, or (iii) could reasonably be expected to
cancel, suspend or terminate its relationship or to decrease its purchase of the products or
services of the Company as a result of the consummation of the transactions contemplated hereby.

4.12 Tax Matters. All Tax returns and other similar documents required to be
filed with respect to the Company have been timely filed with the appropriate Governmental
Authorities in all jurisdictions in which such returns and documents are required to be filed, all
of the foregoing are true, correct and complete and reflect accurately all liabilities for Taxes of
the for the periods to which such returns and documents relate,
and all amounts shown as owing thereon have been paid. All Taxes, if any, collectible or payable
by the

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Company or relating to or chargeable against any of their assets, revenues or income through
the Closing Date were fully collected and paid by such date or provided for by adequate reserves in
the Financial Statements and all similar items due through the Closing Date will have been fully
paid by that date or provided for by adequate reserves in the Financial Statements. No claims or
deficiencies have been asserted against the Company with respect to any Taxes which have not been
paid or otherwise satisfied or for which accruals or reserves have not been made in the Financial
Statements, and there exists no reasonable basis for the making of any such claims. There are no
tax liens on any asset of the Company.

4.13 Assets. The Company owns, leases or has the legal rights to use all
properties and assets (tangible and intangible), including the Leased Real Property and Company
Intellectual Property, used or intended to be used in the conduct of the Company’s business (the
“Assets”). The Company has good and marketable title or leasehold interest to each Asset,
free and clear of all Liens. The Assets constitute all of the assets and rights required to
operate the business of the Company as previously conducted and as contemplated to be conducted.
All of the Assets are in good operating condition and repair, ordinary wear and tear excepted.

4.14 Intellectual Property.

     (a) Schedule 4.14(a) sets forth a true and complete list of (i) all patents
and patent applications, registered trademarks and trademark applications, registered copyrights
and copyright applications and domain names included in the Company Intellectual Property, (ii) all
Company IP Agreements, and (iii) other Company Intellectual Property material to the Company’s
business.

     (b) The Company is the exclusive owner of the entire right, title and interest in
and to the Company Intellectual Property, and has a valid license to use the Licensed Intellectual
Property in connection with the Company’s business. The Company is entitled to use all Company
Intellectual Property and Licensed Intellectual Property in the continued operation of the
Company’s business without limitation, subject only to the terms of the Company IP Agreements. The
Company Intellectual Property and the Licensed Intellectual Property have not been adjudged invalid
or unenforceable in whole or in part, and are valid and enforceable.

     (c) The conduct of the Company’s business as currently conducted does not infringe
or misappropriate the Intellectual Property of any third party, and no Action alleging any of the
foregoing are pending, and no Action has been threatened or asserted against any Seller, the
Company alleging any of the foregoing, except as listed in Schedule 4.14. To the knowledge of the
Company, no Person is engaging in any activity that infringes the Company Intellectual Property.

     (d) No Company Intellectual Property is subject to any outstanding Governmental
Order restricting the use of such Intellectual Property or that would impair the validity or
enforceability of such Intellectual Property.

4.15 Real Property.

     (a) The Company does not own or hold property title to any real estate.

     (b) Schedule 4.15(b) sets forth the street address of each parcel of real
property leased by the Company (the “Leased Real Property”). The Company has previously
delivered to Buyer true and complete copies of all of the lease agreements, as amended to date (the
“Leases”) relating to the Leased Real Property. The Company enjoys peaceful and
undisturbed possession of the Leased Real Property.

4.16 Compliance with Environmental Laws. The Company is in compliance with, and
has always been in compliance with, all Environmental Laws. There have been no Governmental Orders
issued against the Company for impairment, damage, injury or adverse effect to the environment or
public health and, to the

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knowledge of each of the Sellers and the Company after due inquiry, there
have been no private complaints with respect to any such matters, and there are no circumstances
that would form the basis of any such Governmental Orders.

4.17 Employment Matters.

     (a) Employment Agreements. Schedule 4.17(a) sets forth all
employment, consulting, severance and indemnification arrangements, agreements, or understandings
between the Company and any officer, director, advisory board member, consultant or employee (the
“Employment Agreements”). The Company has previously delivered to the Buyers true and
complete copies of all of the Employment Agreements. No such Employment Agreement (i) will require
any payment by the Company or Buyer to any director, officer, advisory board member, consultant or
employee of the Company, or any other Person, by reason of the transactions contemplated by this
Agreement, or (ii) provides for the acceleration or change in the award, grant, vesting or
determination of options, warrants, rights, severance payments, or other contingent obligations of
any nature whatsoever of the Company in favor of any such Persons by reason of the transactions
contemplated by this Agreement.

     (b) Personnel. Schedule 4.17(b) contains the names, job
descriptions and annual salary rates, bonus payments and other compensation of any kind of all
officers, directors, advisory board members, consultants and employees of the Company (including
compensation paid or payable by the Company under the Plans (as hereafter defined).

     (c) Employment Laws. The Company has complied with all applicable
employment Laws, including payroll, withholding and related obligations, benefits and social
security, and does not have any obligation in respect of any amount due to employees of the Company
or Governmental Authorities, other than normal salary, other fringe benefits, severance payment and
contributions accrued but not payable on the date hereof.

     (d) Policies. Schedule 4.17(d) contains a list of all employee
policies (written or otherwise), employee manuals or other written statements of rules or policies
concerning employment, including working conditions, vacation and sick leave, a complete copy of
each of which (or, if oral, an accurate written summary thereof) has been previously delivered to
Buyer.

     (e) Employee Benefit Plans. The Company offers no benefit to its employees
other than those required by law.

4.18 Labor Relations. There is no strike or dispute pending or threatened
involving any employees of the Company. No unfair labor practice complaints are pending or
threatened against the Company, and no Person has made any claim, and there is no basis for any
claim, against the Company under any Law relating to employees or employment practices, including
without limitation those relating to age, sex or racial discrimination, conditions of employment,
wages or hours. There are no unions of which the employees of the Company are members.

4.19 Contracts. Schedule 4.19 sets forth a list of all Contracts (oral
or written) to which the Company is a party, or by which any of its assets are bound or affected,
which is material to the Company’s business (“Material Contracts”).

     Except as disclosed in Schedule 4.19:

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          (i) the Material Contracts are each in full force and effect and are the valid and legally
binding obligations of the Company which is a party thereto and, are valid and legally binding
obligations of the counterparties thereto;

          (ii) The Company is not in breach of any of the Material Contracts, in a manner which could
give rise to a Material Adverse Effect, or is in substantial violation of, or default under, any of
the Material Contracts, and no counterparty is in breach or violation of, or default under, any
Material Contract except as listed in Schedule 4.19(ii); and

          (iii) The Company has not received any claim of default and no event has occurred which with
the giving of notice or lapse of time or both would constitute such a default.

     Schedule 4.19 further identifies each Material Contract which would require the Company to
give notice to, or obtain the consent of, another party to such Material Contract as a result of
transactions contemplated by this Agreement.

4.20 Products and Services.

     (a) Schedule 4.20 lists (i) each product developed, licensed, distributed or
sold by the Company (collectively, the “Products”) and (ii) each service provided by the
Company (collectively, the “Services”). Each Product has been distributed or sold in
accordance with, and each Service has been provided in compliance with, the applicable contractual
commitments, express or implied warranties, product and service specifications and quality
standards for such Product and Service, and the provisions of all applicable Laws. No Product or
Service sold, provided or delivered by the Company is subject to any guaranty, warranty (other than
warranties imposed by Law) or other indemnity, other than as set forth in Schedule 4.20(a).

     (b) At no time have any of the Products been recalled, withdrawn or suspended by the
Company, voluntarily or otherwise; nor are there any pending Actions or proceedings seeking the
recall, withdrawal, suspension or seizure of any Product; and neither the Company has received any
regulatory letters, warning letters, or other notice of adverse findings, except as provided in
Schedule 4.20(b).

     (c) There exist no set of facts: (i) which could furnish a basis for the withdrawal
or suspension of any Permit, license, approval or consent of any Governmental Authority with
respect to the Company, or any Product or Service; (ii) which could furnish a basis for the recall,
withdrawal or suspension of any Product from the market, the termination or suspension of any
clinical testing of any Product, or the change in marketing classification of any Product or (iii)
which could furnish a basis for the termination or suspension of any Service, except as provided in
Schedule 4.20(b).

4.21 Related Parties. Except as set forth in Schedule 4.21, no officer,
director, or shareholder of the Company, nor any relative or spouse of such officer, director or
shareholder, nor any Seller, has, directly or indirectly, (a) any ownership interest in any
property or asset, tangible or intangible, including any Company Intellectual Property, used in the
conduct of the Company’s business; (b) any interest in or is, directly or indirectly, a party to,
any Contract, except as provided in Schedule 4.19; (c) any cause of action or claim whatsoever
against, or owes any amount to, the Company except as provided in Schedule 4.19, or (d) any
Liability to the Company. Except as set forth in Schedule 4.21, the Company has no Liability to
any Seller or its Subsidiaries or its or their Representatives (as defined below). Accounts
payable to Farmindustria S.A., a company related to Volta, are listed in Schedule 4.9. and not in
Schedule 4.21.

4.22 Absence of Certain Business Practices. None of the Sellers, the Company or
any of their respective directors, officers, employees, agents, advisors or representatives
(“Representative”) (in their capacity as Representatives) has: (a) used any funds for
unlawful contributions, gifts, entertainment or other

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unlawful expenses relating to political
activity in respect of the Company’s business; (b) directly or indirectly paid or delivered any
fee, commission or other sum of money or item of property, however characterized, to any finder,
agent, or other party acting on behalf of or under the auspices of a governmental official or
Governmental Authority which is in any manner illegal under applicable Law; or (c) made any
unlawful payment to any customer or supplier of the Company or any officer, director, partner,
employee or agent of any such customer or supplier or given any other unlawful consideration to any
such customer or supplier or any such officer, director, partner, employee or agent, in respect of
the Company’s business.

4.23 Compliance with Laws. Except as set forth in Schedule 4.20(b), the
Company is in compliance with all Laws applicable to it, its business or properties. The Company
has not received notification from any Governmental Authority asserting that it is not in
compliance with or has violated any Laws, or threatening to revoke any authorization, consent,
approval, franchise, license, or Permit, and the Company is not subject to any Governmental Order,
agreement or consent decree with any Governmental Authority arising out of previously asserted
violations.

4.24 Legal Proceedings. There is no Action, mediation or out-of-court settlement
negotiation by or against the Company or affecting any of the Assets or business of the Company
pending, or to the knowledge of the Company or any each of the Sellers after due inquiry,
threatened. No person who is or was a director or officer of the Company is a party to any pending
or threatened Action, mediation or out-of-court settlement negotiation in their capacity as
directors or officers of the Company. Neither the Company nor any Asset is subject to any
Governmental Order, nor is any Governmental Order threatened or pending.

4.25 Approvals and Filings. No consent, approval or authorization of, or
registration, qualification or filing with, any Governmental Authority or other Person is required
to be made by the Company in connection with the execution, delivery or performance of the
Transaction Documents by the Company or the consummation by the Company of the transactions
contemplated hereby.

4.26 Brokers. Neither the Company nor any Seller has employed any financial
advisor, broker or finder or incurred and will not incur any broker’s, finder’s, investment banking
or similar fees, commissions or expenses in connection with the transactions contemplated by this
Agreement, which would be payable by the Company or the Buyers.

4.27 Title to Securities. Each of the Sellers is the legal and beneficial owner
of the Shares, respectively, and such Shares are owned free and clear of all Liens, rights of first
refusal, shareholder agreements other than the shareholders’ agreement existing between the Sellers
and to be terminated upon Closing, preemptive rights, charges and other encumbrances and agreements
of any nature whatsoever. At the Closing, each of the Sellers will transfer and convey, and each
Buyer will acquire, good and valid title to the Shares, free and clear of all Liens.

ARTICLE 5

Covenants

     During the period from the date of this Agreement through the Closing Date, each of the
Company, the Sellers and the Buyers, as applicable, agree to perform the covenants set forth below.

10

 

5.1 Interim Operations of the Company.

     (a) Except as otherwise approved in writing by Buyer, the Company shall, and each of
the Sellers shall cause the Company to, operate its business in, and not take any action except in,
the ordinary course consistent with past practice and to preserve intact their respective business
organizations, Assets, Intellectual Property, and the current relationships and goodwill of their
customers, suppliers and others with whom it has significant business relations.

     (b) The Company, and each of the Sellers shall cause the Company not to, during the
period from the date of this Agreement to the Closing Date, except with the prior written consent
of Buyer, directly or indirectly;

          (i) amend or otherwise change the Organizational Documents of the Company;

          (ii) issue, sell, dispose of, create a Lien on, or authorize the issuance, sale,
disposal or creation of any Lien on, (A) any capital stock of, or other ownership interests in, the
Company, including the Shares (including, but not limited to, by way of stock split or dividend) or
any subscriptions, options, warrants, convertible securities or other rights to acquire the
foregoing, or (B) any Asset or property right, except for sales of inventory in the ordinary course
of business consistent with past practice;

          (iii) redeem, purchase, reclassify, combine, split, subdivide, change the terms of,
or otherwise acquire, any capital stock of, or other ownership interests in, the Company;

          (iv) declare or pay any dividend or other distribution (whether in cash, stock or
other property) with respect to any capital stock of, or other ownership interests in, the Company;

          (v) with respect to the Company create, incur or assume any indebtedness or any
Liability, including granting or becoming subject to any Guaranty in excess of $100.000;

          (vi) with respect to the Company make or commit to make any capital expenditures in
excess of $10.000;

          (vii) with respect to the Company, except in the ordinary course of business
consistent with past practice, discharge or otherwise obtain the release of any Lien or pay or
otherwise discharge any Liability;

          (viii) with respect to the Company except in the ordinary course of business
consistent with past practice, write off the value of any assets, inventory or any accounts
receivable or increase the reserves for obsolete, damaged, spoiled or otherwise not usable
inventory or doubtful or uncollectable receivables;

          (ix) increase the compensation payable or to become payable to directors, officers
or employees of the Company, or grant any rights to severance or termination pay to, or enter into
any employment or severance agreement with, any such person or establish, adopt, enter into or
amend any collective bargaining, bonus, profit sharing, thrift, compensation, stock option,
restricted stock, pension, retirement, deferred compensation, employment, termination, severance or
other plan, agreement, trust, fund, policy or arrangement for the benefit of any director, officer
or employee of the Company;

          (x) with respect to the Company, acquire (including, without limitation, by merger,
consolidation or acquisition of stock or assets) any interest in any Person or assets (other than
the acquisition of inventory in the ordinary course of business);

11

 

          (xi) alter the manner of keeping the books, accounts or records, or change in any
manner the accounting practices, methods or assumptions therein reflected, of the Company;

          (xii) amend, terminate, cancel or compromise any material claims of the Company or
waive any other material rights of the Company;

          (xiii) with respect to the Company, delay or postpone the payment of accounts
payable or other Liabilities;

          (xiv) take or omit to take any action which is intended to render any of each of the
Seller’s representations or warranties untrue or misleading, or which would be a material breach of
any of each of the Sellers’ covenants or agreements;

          (xv) allow any Permit to lapse or terminate or fail to renew any Permit;

          (xvi) take any action which is intended to have a Material Adverse Effect or which
is intended to delay the consummation of the transactions contemplated by this Agreement;

          (xvii) with respect to the agreements listed in Schedule 4.19, amend, terminate,
cancel, waive any rights thereunder or take any action with respect to the same, other than
amending the terms of the Convenio de Distribución between Laboratorio Volta S.A. and Pharma Genexx
S.A. dated December 12, 2006 so that Pharma Genexx S.A. may not terminate the same before April 15,
2010 or such other earlier date on which OPKO Chile releases, at its own discretion, the amount
held in escrow pursuant to the Escrow Agreement, with a prior written notice of at least 75 days;
or

          (xviii) agree, whether in writing or otherwise, to do any of the foregoing.

5.2 Due Diligence Review. The Buyers shall be entitled to continue prior to the
Closing the due diligence review of the assets, properties, books, records and other information of
the Company. The Company shall (and shall cause its directors, officers, employees, auditors,
counsel and agents to), afford Buyers and Buyers’ officers, employees, auditors, counsel and agents
reasonable access at all reasonable times to the properties, offices, facilities, officers and
employees, and to all books and records of the Company, and shall furnish such persons with all
financial, operating and other data and information as may be requested.

5.3 Further Assurances. The parties shall deliver any and all other instruments
or documents required to be delivered pursuant to, or necessary or proper in order to give effect
to, the provisions of this Agreement, including all such instruments of transfer as may be
necessary or desirable to transfer ownership of the Shares to Buyer and its designee and to
consummate the transactions contemplated by this Agreement.

5.4 Publicity. The parties agree to cooperate in issuing any press release or
other public announcement concerning this Agreement or the transactions contemplated hereby.
Thereafter, unless otherwise required by applicable Law or the requirements of NYSE Amex or the
Chilean Superintendencia de Valores y Seguros, each party shall use reasonable best efforts to
consult with each other before issuing any press release or otherwise making any public statements
or disclosures with respect to this Agreement or the transactions contemplated hereby.

5.5 Acquisition Proposals. The Company and each Seller agrees that neither it
nor any of its Representatives will, directly or indirectly (a) solicit, encourage, initiate or
participate in any negotiations or discussions with respect to any offer or proposal that
constitutes, or may reasonably be expected to lead to, a

12

 

Competing Transaction, (b) agree to or enter into any commitment or agreement relating to a
Competing Transaction, (c) disclose any confidential information to any Person concerning the
business or Assets of the Company in connection with any of the foregoing or (d) authorize any
Representative to take any such action. The Sellers and the Company shall notify the Buyers
promptly (and in any event within one day after attaining knowledge thereof) of receipt of any
inquiry, contact or offer regarding a Competing Transaction, including all of the material terms
thereof. The Company and the Sellers shall cease and cause to be terminated all existing
discussions with any parties conducted heretofore with respect to any Competing Transaction.

5.6 Notification of Certain Matters. Each party shall promptly notify the other
of (a) any Action that shall be instituted or threatened against such party or its Subsidiaries to
restrain, prohibit or otherwise challenge the legality of any transaction contemplated by this
Agreement, (b) any occurrence or event which makes or could reasonably be expected to make any
representation or warranty of such party untrue or inaccurate and (c) any breach by such party of
any covenant or agreement to be complied with or satisfied in the Transaction Documents,
provided, however, that the delivery of any notice pursuant to this Section
5.6 shall not limit or otherwise affect the remedies available hereunder to the party receiving
such notice.

5.7 Company Actions. Each of the Sellers will cause the Company to perform all
of the Company’s obligations set forth in the Transaction Documents, including causing the board of
directors of the Company to unanimously approve and adopt this Agreement and the other Transaction
Documents and the transactions contemplated hereby and thereby, and each of the Sellers shall vote
all of the Registered Capital held by them in favor of the approval and adoption of this Agreement
and the other Transaction Documents and the transactions contemplated hereby and thereby, and shall
not modify such approval or adoption in a manner adverse to Buyer.

ARTICLE 6

Additional Agreements

6.1 Survival of the Representations and Warranties. The representations and
warranties contained in this Agreement shall survive the Closing Date for a period of two (2)
years, except for the representations and warranties set forth in Sections 4.12,
4.16 and 4.17 which shall survive for the applicable statute of limitations. If
written notice of a claim has been given prior to the expiration of the applicable representations
and warranties by a party hereto to another party hereto, then the relevant representations and
warranties shall survive as to such claim until such claim has been finally resolved.

6.2 General Release. As additional consideration for the sale of the Shares
pursuant to this Agreement, each of the Seller hereby unconditionally and irrevocably releases and
forever discharges, effective as of the Closing Date, the Company and their Representatives, from
any and all rights, claims, demands, judgments, obligations, Liabilities and damages, whether
accrued or unaccrued, asserted or unasserted, and whether known or unknown, relating to the
Company, which ever existed, now exist, or may hereafter exist, by reason of any tort, breach of
contract, violation of Law or other act or failure to act which shall have occurred at or prior to
the Closing Date, or in relation to any other Liabilities of the Company, except as provided in
Schedule 6.2 . The Sellers expressly intend that the foregoing release shall be effective
regardless of whether the basis for any claim or right hereby released shall have been known to or
anticipated by the Sellers.

13

 

6.3 Indemnification.

     (a) Indemnification. Each of the Sellers agree, separately, to indemnify
and hold harmless OPKO and their respective affiliates and their respective Representatives,
successors and assigns (the “Buyer Indemnified Parties”) from, against and in respect of,
the full amount of:

          (i) any and all Liabilities arising from, in connection with any breach or violation
of (A) any representation or warranty of each of the Sellers contained in this Agreement or in any
schedule or exhibit hereto, and (B) any covenant or agreement of each of the Sellers contained in
this Agreement;

          (ii) any other Taxes related to or arising from the transactions contemplated hereby
or in contemplation hereof by reason of any Liability for Taxes of the Company’s shareholders and
assessed by any taxing authority against the Sellers, their shareholders, the Company, either
before or after the Closing Date;

          (iii) any and all Liabilities related to or arising from any products or services
delivered by the Company prior to the Closing Date, including Liabilities for product recalls,
product defects, warranty claims, personal injury or death. It is expressly agreed that, in
connection with any claims filed by Central Nacional de Abastecimiento with respect to products
delivered on or prior to Closing, Sellers will only indemnify the difference, if any, between the
amount of any fines so imposed by Central Nacional de Abastecimiento and the amount of any payment,
set-off or such other compensation that the Company agrees, according to past practice, and
receives from the supplier of the product giving rise to such claim; and

          (iv) any and all Actions, demands, assessments or judgments, costs and expenses
incidental to any of the foregoing.

     (b) Indemnification Procedure as to Third Party Claims.

          (i) Promptly after a Buyer Indemnified Party obtains knowledge of the commencement
of any third party Action (any such Action being hereinafter referred to in this Section
6.3 as a “Claim”), in respect of which a Buyer Indemnified Party is entitled to
indemnification under this Agreement, the Buyer Indemnified Party shall notify each of the Sellers
of such Claim in writing. With respect to any Claim as to which such notice is given, the Sellers
will assume and control the defense or otherwise settle such Claim with counsel reasonably
satisfactory to the Buyer Indemnified Party and experienced in the conduct of Claims of that nature
at the Sellers’ sole risk and expense; provided, however, that the Buyer
Indemnified Party (1) shall be permitted to join the defense and settlement of such Claim and to
employ counsel reasonably satisfactory to it at its expense, and (2) shall cooperate fully with the
Sellers in the defense and any settlement of such Claim in any manner reasonably requested by the
Sellers. The Sellers shall not make any settlement of any claims without the written consent of
the Buyer Indemnified Party.

          (ii) If the Sellers fail to assume the defense of such Claim or, having assumed the
defense and settlement of such Claim, fail reasonably to contest such Claim in good faith, or the
remedy sought by the claimant with respect to such Claim is not solely for money damages, the Buyer
Indemnified Party, without waiving its right to indemnification, may, but is not required to,
assume the defense and settlement of such Claim at the respective Sellers’ expense,
provided, however, that (A) each of the Sellers shall cooperate with the Buyer
Indemnified Party in the defense and settlement of such Claim in any manner reasonably requested by
the Buyer Indemnified Party, and (B) the Buyer Indemnified Party shall not settle such Claim
without the written consent of each of the Sellers, which consent shall not be unreasonably
withheld or delayed.

14

 

6.4 Confidentiality. Each of the Sellers acknowledge that the Company
Intellectual Property, the Licensed Intellectual Property and all other confidential or proprietary
information with respect to the business and operations of the Company are valuable, special and
unique. Each of the Sellers shall not, at any time after the Closing Date, disclose, directly or
indirectly, to any Person, or use or purport to authorize any Person to use any Company
Intellectual Property, Licensed Intellectual Property, confidential or proprietary information with
respect to the Company, the Buyers, whether or not for the each of the Seller’s own benefit,
without the prior written consent of the Buyers. Each of the Sellers acknowledge that Buyers would
not enter into this Agreement without the assurance that all such confidential and proprietary
information will be used for the exclusive benefit of the Company.

6.5 Continuing Obligations. The restrictions set forth in Section 6.4
are considered by the parties to be reasonable for the purposes of protecting the value of the
business and goodwill of the Company and the Buyers. The Buyers and the Sellers acknowledge that
Buyers would be irreparably harmed and that monetary damages would not provide an adequate remedy
to the Buyers in the event the covenants contained in Section 6.4 were not complied with in
accordance with their terms. Accordingly, the Sellers agree that any breach or threatened breach
by any of them of any provision of 6.4 shall entitle each Buyer to injunctive and other
equitable relief to secure the enforcement of these provisions, without posting a bond, in addition
to any other remedies which may be available to each Buyer, and that the relevant Buyer shall be
entitled to receive from the Sellers reimbursement for all attorneys’ fees and expenses incurred by
Buyer in enforcing these provisions. It is the desire and intent of the parties that the
provisions of Section 6.4 be enforced to the fullest extent permissible under the Laws and
public policies of each jurisdiction in which enforcement is sought.

ARTICLE 7

Closing; Conditions Precedent; Termination

7.1 Closing. The transfers and deliveries to be made pursuant to this Agreement (the
“Closing”) shall take place at the offices of Claro y Cía. at Apoquindo 3.721,
13th Floor, Santiago, on or around October 5, 2009 (the “Closing Date”),
or on such other date and at such other place as may be agreed to by the parties. All proceedings
to be taken and all documents to be executed at the Closing shall be deemed to have been taken,
delivered and executed simultaneously, and no proceeding shall be deemed taken nor documents deemed
executed or delivered until all have been taken, delivered and executed.

     (a) At the Closing, each Seller shall deliver to each Buyer (i) the relevant share
certificates issued by the Company evidencing the ownership of the Shares owned by such Seller,
together with a duly completed stock transfer form (traspaso de acciones) in the name of the OPKO
and OPKO Chile with respect to one Share by each Seller, (ii) with respect to the Sellers, a true
and notarized abstract of the resolution duly and validly adopted by their respective Boards of
Directors evidencing its authorization of the execution and delivery of the Transaction Documents
and the consummation of the transactions contemplated thereby, or alternatively (iii) a notarized
power of attorney issued by each Seller appointing the attorney in fact authorized to sign the
Transaction Documents on their behalf; (iv) an executed counterpart of the Escrow Agreement, (v)
such documents as are required to be delivered by such Seller to satisfy the conditions set forth
in Section 7.2, and (vii) such other documents and instruments as Buyer may reasonably
request.

     (b) At the Closing, the Buyers shall (i) deliver the Closing Consideration to the
Sellers pursuant to Section 2.2(a)(i), (ii) deliver the Escrow Consideration to the Escrow
Agent pursuant to Section 2.2(a)(ii) and (iii) deliver to the Sellers a copy of the
estatutos of Buyers evidencing their authorization of the execution and delivery of the Transaction
Documents and the consummation of the transactions contemplated thereby; (iv)

15

 

deliver an executed counterpart of the Escrow Agreement, and (v) such documents as are
required to be delivered by Buyer to satisfy the conditions set forth in Section 7.2.

     Promptly after the above Closing actions, the Company’s directors will register or cause to be
registered the Buyers in the Company’s shareholders’ book as the new sole shareholders of the
Company.

7.2 Conditions Precedent to the Obligations of Buyer. The obligations of Buyer
to consummate the transactions contemplated by this Agreement are subject to the satisfaction or
written waiver, at or prior to the Closing, of each of the following conditions.

     (a) Representations and Warranties. The representations and warranties of
each of the Sellers contained in this Agreement and in any certificate or other document delivered
pursuant to this Agreement shall have been true and correct when made and shall be true and correct
in all material respects (except for those representations and warranties which are by their terms
qualified by materiality or Material Adverse Effect, which shall be true and correct in all
respects) as of the Closing Date (except to the extent such representations and warranties are as
of another date, in which case as of such date) with the same force and effect as though made on
and as of such date.

     (b) Covenants. The covenants and agreements of each of the Sellers
contained in this Agreement to be performed or complied with on or prior to the Closing Date shall
have been duly performed or complied with in all material respects.

     (c) No Material Adverse Effect. There shall not have occurred any Material
Adverse Effect.

     (d) Certificate. The Company and each of the Sellers shall have delivered
to Buyer a certificate executed by the Chief Executive Officer of the Company and such Seller (or
by Seller if an individual), dated the Closing Date, certifying in such detail as Buyers may
reasonably request, that the conditions specified in Sections 7.2(a), (b) and (c)
above have been fulfilled and as to such other matters as Buyers may reasonably request.

     (e) Consents. The Company and each of the Sellers shall have obtained, each
in form and substance satisfactory to Buyers, (i) the consents and approvals that should be
obtained according to applicable laws and regulations, if any, and (ii) all other consents and
approvals of Governmental Authorities and other Persons required, or which Buyer deems necessary,
to consummate the transactions contemplated by this Agreement, in each case which shall have been
obtained without the imposition of any adverse terms or condition which would adversely affect
Buyers or its ability to operate the Company after the Closing.

     (f) Each of the members of the board of directors of the Company shall have resigned
and deliver the Company with a full and complete release of any and all claims such persons have or
may have against the Company.

     (g) Each of the Sellers shall comply with its respective obligation to close the
transaction contemplated hereunder.

7.3 Conditions Precedent to the Obligations of each of the Sellers and the
Company. The obligations of each of the Sellers to consummate the transactions contemplated by
this Agreement are subject to the satisfaction or written waiver, at or prior to the Closing, of
each of the following conditions.

     (a) Representations and Warranties. The representations and warranties of
Buyers contained in this Agreement or in any certificate or other document delivered pursuant to
this Agreement shall have been true
and correct when made and shall be true and correct in all material respects (except for those
representations

16

 

and warranties which are by their terms qualified by materiality, which shall be
true and correct in all respects) as of the Closing Date (except to the extent such representations
and warranties are as of another date, in which case as of such date) with the same force and
effect as though made on and as of such date.

     (b) Covenants. The covenants and agreements of Buyers contained in this
Agreement to be performed or complied with on or prior to the Closing Date shall have been duly
performed or complied with in all material respects.

7.4 Termination.

     (a) This Agreement and the transactions contemplated hereby may be terminated prior
to the Closing:

          (i) at any time by mutual consent of the parties;

          (ii) by either party if the Closing has not occurred on or prior to [December 31,
2009] (the “Termination Date”), provided that the failure of the Closing to occur by such
date is not the result of the failure of the party seeking to terminate this Agreement to perform
or fulfill any of its obligations hereunder;

          (iii) by either party if there shall be any Governmental Order that is final and
non-appealable having the effect of making the purchase of the Registered Capital or the issuance
of the Shares to the Sellers illegal;

          (iv) by Buyer, upon a breach of any representation, warranty, covenant or agreement
on the part of the Company or any Seller set forth in this Agreement or if any representation or
warranty of the Company or any Seller shall have become untrue, such that, in either case, the
conditions set forth in Section 7.2(a) or Section 7.2(b) would not be satisfied,
provided, however, that if such breach is curable by the Company or such Seller, as
applicable, the Agreement may not be terminated by Buyer for so long as the Company or Seller, as
applicable, continues to exercise its best efforts to cure such breach, unless such breach is not
cured with 15 days after notice of such breach is provided by Buyer; or

          (v) by the Sellers, upon a breach of any representation, warranty, covenant or
agreement on the part of Buyer set forth in this Agreement or if any representation or warranty of
Buyer shall have become untrue, such that, in either case, the conditions set forth in Section
7.3(a) or Section 7.3(b) would not be satisfied, provided, however,
that if such breach is curable by Buyer, the Agreement may not be terminated by the Sellers for so
long as Buyer continues to exercise its best efforts to cure such breach, unless such breach is not
cured with 15 days after notice of such breach is provided by the Sellers.

     (b) If this Agreement is terminated pursuant to this Section 7.4, written
notice thereof shall promptly be given by the party electing such termination to the other party
and, subject to the expiration of the cure periods provided in clauses (iv) and (v) above, this
Agreement shall terminate without further actions by the parties and no party shall have any
further obligations under this Agreement; provided that any termination of this Agreement pursuant
this Section shall not relieve any party from any liability for the breach of any representation,
warranty or covenant contained in this Agreement or be deemed to constitute a waiver of any remedy
available for such breach.

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ARTICLE 8

Miscellaneous

8.1 Notices. Any notice or other communication under this Agreement shall be in
writing and shall be delivered personally or sent by certified mail, return receipt requested,
postage prepaid, or sent by facsimile or prepaid overnight courier to the parties at the addresses
set forth below their names on the signature pages of this Agreement (or at such other addresses as
shall be specified by the parties by like notice). Such notices, demands, claims and other
communications shall be deemed given when actually received or (a) in the case of delivery by
overnight service with guaranteed next day delivery, the next day or the day designated for
delivery, (b) in the case of facsimile, the date upon which the transmitting party received
confirmation of receipt by facsimile, telephone or otherwise. A copy of any notices delivered to
Buyer shall also be sent to OPKO Health, Inc., 4400 Biscayne Boulevard, Miami, Florida 33137, Attn:
Deputy General Counsel, Fax (305) 575-4140.

8.2 Entire Agreement. This Agreement, its schedules and exhibits, contain every
obligation and understanding between the parties relating to the subject matter hereof, merges all
prior discussions, negotiations and agreements, if any, between them, and none of the parties shall
be bound by any representations, warranties, covenants, or other understandings, other than as
expressly provided or referred to herein or therein.

8.3 Assignment. This Agreement may not be assigned by any party without the
written consent of the other parties; provided that Buyer may assign this Agreement to a
Subsidiary, whether such Subsidiary currently exists or is formed in the future. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective
successors, heirs, personal representatives, legal representatives, and permitted assigns.

8.4 Waiver and Amendment. Any waiver, extension or amendment of this Agreement
shall be evidenced by an instrument in writing executed on behalf of the appropriate party. No
waiver by any party hereto, whether express or implied, of its rights under any provision of this
Agreement shall constitute a waiver of such party’s rights under such provisions at any other time
or a waiver of such party’s rights under any other provision of this Agreement. No failure by any
party hereto to take any action against any breach of this Agreement or default by another party
shall constitute a waiver of the former party’s right to enforce any provision of this Agreement or
to take action against such breach or default or any subsequent breach or default by such other
party.

8.5 No Third Party Beneficiary. Nothing expressed or implied in this Agreement
is intended, or shall be construed, to confer upon or give any Person other than the parties hereto
and their respective heirs, personal representatives, legal representatives, successors and
permitted assigns, any rights or remedies under or by reason of this Agreement.

8.6 Severability. In the event that any one or more of the provisions contained
in this Agreement shall be declared invalid, void or unenforceable, the remainder of the provisions
of this Agreement shall remain in full force and effect, and such invalid, void or unenforceable
provision shall be interpreted as closely as possible to the manner in which it was written.

8.7 Expenses. Each party agrees to pay, without right of reimbursement from the
other party, the costs (hereafter referred to as “Costs”) incurred by it incident to the
performance of its obligations under this Agreement and the consummation of the transactions
contemplated hereby, including, without limitation, costs incident to the preparation of this
Agreement, and the fees and disbursements of counsel, accountants and consultants employed by such
party in connection herewith.

8.8 Headings. The section and other headings contained in this Agreement are for
reference purposes only and shall not affect the meaning or interpretation of any provisions of
this Agreement.

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8.9 Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original but all of which together shall constitute one and the
same instrument.

8.10 Litigation; Prevailing Party. In the event of any litigation with regard to
this Agreement, the prevailing party shall be entitled to receive from the non-prevailing party and
the non-prevailing party shall pay upon demand all reasonable fees and expenses of counsel for the
prevailing party.

8.11 Injunctive Relief. It is possible that remedies at law may be inadequate
and, therefore, the parties hereto shall be entitled to equitable relief including, without
limitation, injunctive relief, specific performance or other equitable remedies in addition to all
other remedies provided hereunder or available to the parties hereto at law or in equity.

8.12 Governing Law. This Agreement has been entered into and shall be construed
and enforced in accordance with the laws of the Chile without reference to the choice of law
principles thereof.

8.13 Jurisdiction and Venue. This Agreement shall be governed by and construed in
accordance with Chilean law. Any dispute or controversy between the parties, by arising from or
related to this Agreement and the parties of this Agreement shall be finally settled by an árbitro
mixto designated by mutual agreement of the parties or in case the parties do not agree in the
appointment of the arbitrator, it shall be appointed by the Santiago Chamber of Commerce, for which
purpose the parties hereby grant an special power of attorney so that it may, upon written request
of any of the parties, appoint the arbitrator from the list of the Centro de Arbitraje y Mediación
de Santiago. The arbitration procedure shall take place in Santiago de Chile and shall
be conducted in the Spanish language.

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     IN WITNESS WHEREOF, the parties hereto have each executed and delivered this
Agreement as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	Buyer:

OPKO CHILE LIMITADA	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	INVERSIONES OPKO LIMITADA	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Apoquindo 3.721, piso 13

Las Condes, Santiago

Tel: 367 30000

Attn.: Matías de Marchena

e-mail: mdemarchena@claro.cl	 	 
	 
	 	 	 	 	 	 
	 	 	With copies to:	 	 
	 
	 	 	 	 	 	 
	 	 	OPKO HEALTH, INC.

4400 Biscayne Boulevard

Miami, Florida 33137

USA

Attn: Kate Inman

Facsimile: (305) 575-4138	 	 
	 
	 	 	 	 	 	 
	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	Pharma Genexx S.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

20

 

	 	 	 	 	 	 	 
	 	 	Sellers:

Farmacias Ahumada S.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	[Address]

Attn:

Facsimile:	 	 
	 
	 	 	 	 	 	 
	 	 	FASA Chile S.A.	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	[Address]

Attn:

Facsimile:	 	 
	 
	 	 	 	 	 	 
	 	 	Laboratorio Volta S.A.	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	[Address]

Facsimile:	 	 
	 
	 	 	 	 	 	 
	 	 	Company:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

21

 

EXHIBIT A

Form of Escrow Agreement

22exv10w25

Exhibit 10.25

CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH

THE SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE

SUCH OMISSIONS

ASSET PURCHASE AGREEMENT

between

SCHERING CORPORATION

As SELLER

and

OPKO HEALTH, INC.

As PURCHASER

Dated as of October 12, 2009

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 1. DEFINITIONS	 	 	1	 
	 	 	 
	 	 	 	 
	1.1
	 	Definitions
	 	 	1	 
	1.2
	 	Other Definitional Provisions
	 	 	6	 
	 	 	 
	 	 	 	 
	SECTION 2. PURCHASE AND SALE	 	 	7	 
	 	 	 
	 	 	 	 
	2.1
	 	Transfer of Purchased Asset
	 	 	7	 
	2.2
	 	Excluded Asset
	 	 	7	 
	2.3
	 	Assumed Liabilities
	 	 	7	 
	2.4
	 	Excluded Liabilities
	 	 	8	 
	2.5
	 	Technical Transfer Services
	 	 	8	 
	2.6
	 	Licenses
	 	 	9	 
	2.7
	 	Payments
	 	 	10	 
	2.8
	 	Purchase Price Allocation
	 	 	10	 
	2.9
	 	Risk of Loss
	 	 	10	 
	2.10
	 	Closing
	 	 	10	 
	2.11
	 	Transactions at Closing
	 	 	11	 
	 	 	 
	 	 	 	 
	SECTION 3. REPRESENTATIONS AND WARRANTIES OF SELLER	 	 	12	 
	 	 	 
	 	 	 	 
	3.1
	 	Organization
	 	 	12	 
	3.2
	 	Due Authorization
	 	 	12	 
	3.3
	 	No Conflicts; Enforceability
	 	 	12	 
	3.4
	 	Title; Condition; Assets
	 	 	12	 
	3.5
	 	Intellectual Property
	 	 	12	 
	3.6
	 	Litigation
	 	 	13	 

     (i)     

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	3.7
	 	Consents
	 	 	13	 
	3.8
	 	Taxes
	 	 	13	 
	3.9
	 	Compliance with Laws
	 	 	13	 
	3.10
	 	Regulatory Filings
	 	 	13	 
	3.11
	 	Clinical Trials
	 	 	13	 
	3.12
	 	Contracts
	 	 	13	 
	3.13
	 	NK-1 Records
	 	 	14	 
	3.14
	 	Brokers, Etc.
	 	 	14	 
	3.15
	 	Disclaimer
	 	 	14	 
	 	 	 
	 	 	 	 
	SECTION 4. REPRESENTATIONS AND WARRANTIES OF PURCHASER	 	 	15	 
	 	 	 
	 	 	 	 
	4.1
	 	Organization
	 	 	15	 
	4.2
	 	Due Authorization
	 	 	15	 
	4.3
	 	Sufficiency of Purchase
	 	 	15	 
	4.4
	 	No Conflicts; Enforceability
	 	 	15	 
	4.5
	 	Litigation
	 	 	15	 
	4.6
	 	Consents
	 	 	16	 
	4.7
	 	Financing
	 	 	16	 
	4.8
	 	Brokers, Etc.
	 	 	16	 
	4.9
	 	Independent Investigation
	 	 	16	 
	4.10
	 	Efforts to Commercialize
	 	 	17	 
	 	 	 
	 	 	 	 
	SECTION 5. COVENANTS PRIOR TO CLOSING	 	 	17	 
	 	 	 
	 	 	 	 
	5.1
	 	Required Approvals and Consents; Cooperation
	 	 	17	 
	5.2
	 	Notification
	 	 	17	 
	5.3
	 	Certification
	 	 	17	 
	5.4
	 	Cooperation
	 	 	18	 

     (ii)     

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	5.5
	 	Further Assurances; Further Documents
	 	 	18	 
	5.6
	 	Intellectual Property
	 	 	18	 
	 	 	 
	 	 	 	 
	SECTION 6. CONDITIONS TO CLOSING	 	 	18	 
	 	 	 
	 	 	 	 
	6.1
	 	Conditions Precedent to Obligations of Purchaser and Seller
	 	 	18	 
	6.2
	 	Conditions Precedent to Purchaser’s Obligation
	 	 	19	 
	6.3
	 	Conditions Precedent to Seller’s Obligations
	 	 	19	 
	 	 	 
	 	 	 	 
	SECTION 7. OTHER COVENANTS	 	 	20	 
	 	 	 
	 	 	 	 
	7.1
	 	Confidentiality
	 	 	20	 
	7.2
	 	Publicity
	 	 	22	 
	7.3
	 	Availability of Records
	 	 	22	 
	7.4
	 	Regulatory Matters
	 	 	23	 
	7.5
	 	Tax Matters
	 	 	23	 
	7.6
	 	Post-Closing Cooperation
	 	 	23	 
	7.7
	 	Limited Covenant Not to Sue
	 	 	23	 
	7.8
	 	Periodic Reporting
	 	 	23	 
	7.9
	 	Rescission
	 	 	23	 
	7.10
	 	Additional Information
	 	 	24	 
	7.11
	 	Supply
	 	 	24	 
	 	 	 
	 	 	 	 
	SECTION 8. SURVIVAL AND INDEMNIFICATION	 	 	24	 
	 	 	 
	 	 	 	 
	8.1
	 	Survival of Representations
	 	 	24	 
	8.2
	 	Indemnification by Seller
	 	 	24	 
	8.3
	 	Indemnification of Purchaser
	 	 	25	 
	8.4
	 	Procedures
	 	 	25	 
	8.5
	 	Certain Limitations on Indemnification Obligations
	 	 	26	 
	8.6
	 	Sole Remedy
	 	 	26	 

     (iii)     

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	8.7
	 	Limitation on Liability
	 	 	27	 
	 	 	 
	 	 	 	 
	SECTION 9. MISCELLANEOUS	 	 	27	 
	 	 	 
	 	 	 	 
	9.1
	 	Assignment; Binding Effect
	 	 	27	 
	9.2
	 	No Third Party Beneficiaries
	 	 	27	 
	9.3
	 	Expenses
	 	 	27	 
	9.4
	 	Notices
	 	 	27	 
	9.5
	 	Governing Law
	 	 	28	 
	9.6
	 	Dispute Resolution
	 	 	28	 
	9.7
	 	Injunctive Relief
	 	 	29	 
	9.8
	 	Termination
	 	 	29	 
	9.9
	 	Effect of Termination
	 	 	30	 
	9.10
	 	Amendments; Entire Agreement
	 	 	30	 
	9.11
	 	Waiver
	 	 	30	 
	9.12
	 	Severability
	 	 	30	 
	9.13
	 	Schedules
	 	 	30	 
	9.14
	 	Construction
	 	 	30	 
	9.15
	 	Headings
	 	 	30	 
	9.16
	 	Counterparts
	 	 	30	 

     (iv)     

 

 

LIST OF EXHIBITS**

	 	 	 	 	 
	Exhibit A
	 	-
	 	Bill of Sale and Assignment and Assumption Agreement

	 	 	 	 	 

	Exhibit B
	 	-
	 	NK-1 Drug Substance

	 	 	 	 	 

	Exhibit C
	 	-
	 	NK-1 Patents

	 	 	 	 	 

	Exhibit D
	 	-
	 	Patent Assignment Agreement

LIST OF SCHEDULES**

	 	 	 	 	 
	Schedule 2.5
	 	-
	 	Technical Transfer Services

	 	 	 	 	 

	Schedule 2.11
	 	-
	 	Asset Transfer Schedule

	 	 	 	 	 

	Schedule 7.10
	 	-
	 	Key Rolapitant Employee List

	**	 	The Exhibits and Schedules to the Asset Purchase Agreement have been omitted from this
filing. The Company agrees to furnish supplementally copies of the omitted attachments to the
Commission upon request.

     (v)     

 

 

ASSET PURCHASE AGREEMENT

     THIS ASSET PURCHASE AGREEMENT (this “Agreement”), dated as of October 12, 2009 (the “Execution
Date”) is entered into by and between Schering Corporation, a New Jersey corporation having a
business address at 2000 Galloping Hill Road, Kenilworth, New Jersey 07033 (“Seller”); and OPKO
Health, Inc., a Delaware corporation having a business address at 4400 Biscayne Boulevard, Miami,
Florida 33137 (“Purchaser”). Seller and Purchaser are sometimes referred to, individually, as a
“Party” and, collectively, as the “Parties.”

PRELIMINARY STATEMENTS

     A. In connection with the merger of Merck & Co., Inc. and Schering-Plough Corporation, (the
“Merger”), Schering-Plough Corporation is required by the United States Federal Trade Commission
(“FTC”) pursuant to the Consent Order to divest certain assets related to its NK-1 Program (as
defined in Section 1).

     B. In order to comply with the FTC’s Consent Order (as defined in Section 1), Seller has
decided to sell certain assets and transfer certain liabilities of the NK-1 Program to Purchaser
pursuant to this Agreement and the Parties hereto intend that this Agreement be interpreted in a
manner that is consistent with the terms and remedial purposes of the Consent Order.

     C. Purchaser has determined that the purchase of certain assets and assumption of certain
liabilities associated with the NK-1 Program is consistent with and in furtherance of the business
strategies of the Purchaser. Therefore, Purchaser desires to purchase such assets and assume such
liabilities from Seller, on the terms and conditions set forth in this Agreement.

     D. In
accordance with these recitals, the purpose of this Agreement is to
sell and transfer to Purchaser the Purchased Assets, and license the
know-how of Seller, that it used in the NK-1 Program for the purpose
of Purchaser conducting the NK-1 Program in substantially the manner
as conducted by Seller prior to Closing.

     NOW, THEREFORE, in consideration of the foregoing and the representations, warranties,
covenants, agreements and provisions set forth in this Agreement and in the BSAA Agreement, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound hereby, the Parties agree as follows:

SECTION 1.

DEFINITIONS

     1.1 Definitions. All capitalized terms used in this Agreement shall have the meanings
specified in this Section or elsewhere in this Agreement, as applicable. The following terms shall
have the meanings set forth below for the purposes of this Agreement:

          “Action” means any claim, action, suit, arbitration, inquiry, audit, proceeding or
investigation by or before any Governmental Authority.

          “Affiliate” means, with respect to any Person, any other Person that directly or indirectly
controls or is controlled by, or is under direct or indirect common control with, such Person. For
purposes of this definition, a Person shall be deemed, in any event, to control another Person if
it owns or controls, directly or indirectly, more than fifty percent (50%) of the voting equity of
the other Person or has the power to direct or cause the direction of the management of the other
Person, whether through ownership of voting securities or otherwise.

-1-

 

          “Agreement” has the meaning set forth in the introductory paragraph of this Agreement.

          “Assets” of any Person means all assets and properties of any kind, nature, character and
description (whether real, personal or mixed, whether tangible or intangible, whether absolute,
accrued, contingent, fixed or otherwise and wherever situated), including the goodwill related
thereto, operated, owned or leased by such Person, including cash, cash equivalents, accounts and
notes receivable, chattel paper, documents, instruments, general intangibles, equipment, inventory,
goods and intellectual property.

          “Assumed Liabilities” has the meaning set forth in Section 2.3.

          “Basket Amount” has the meaning set forth in Section 8.5.

          “BSAA Agreement” means the Bill of Sale and Assignment and Assumption Agreement executed by
Seller and Purchaser in substantially the form of Exhibit B.

          “Business Day” means any day other than a Saturday, a Sunday or any day on which banks are
authorized or required to be closed in the United States.

          “Closing Date” has the meaning set forth in Section 2.10.

          “Closing” means the closing of the purchase and sale of the Purchased Assets and assignment
and assumption of the Assumed Liabilities contemplated by this Agreement.

          “Code” means the United States Internal Revenue Code of 1986, as amended.

          “Confidential Information” has the meaning set forth in Section 7.1.2.

          “Confidentiality Agreement” means that certain Secrecy Agreement, dated as of August 4, 2009,
between Seller and Purchaser, respectively.

          “Consent Order” or “Decision and Order” means a written order issued by the FTC requiring
Schering-Plough Corporation to divest certain assets related to its NK-1 Program in order for it to
obtain regulatory clearance from the United States antitrust agencies to complete the Merger.

          “Control” or “Controlled by” means, with respect to intellectual property, the ability of a
Party (collectively with its Affiliate(s)), whether by ownership, license or otherwise, to grant a
license or sublicense.

          “Encumbrance” means any security interest, pledge, hypothecation, mortgage, lien or
encumbrance.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

          “Excluded Assets” means any Assets whether or not relating to the NK-1 Compounds or NK-1
Program, other than the Purchased Assets.

-2-

 

          “Excluded Liabilities” has the meaning set forth in Section 2.4.

          “Execution Date” has the meaning set forth in the introductory paragraph of this Agreement.

          “FTC” has the meaning set forth in the Preliminary Statements.

          “GAAP” means United States generally accepted accounting principles.

          “Governmental Authority” means any nation or government, any provincial, state, regional,
local or other political subdivision thereof, any supranational organization of sovereign states,
and any entity, department, commission, bureau, agency, authority, board, court, official or
officer, domestic or foreign, exercising executive, judicial, regulatory or administrative
functions of or pertaining to government, whether foreign or domestic, whether federal, state,
provincial, municipal or other.

          “Indemnified Party” has the meaning set forth in Section 8.4.

          “Indemnifying Party” has the meaning set forth in Section 8.4.

          “IRS” means the Internal Revenue Service of the United States.

          “Knowledge” means the actual knowledge of Seller.

          “Law” means each provision of any currently existing federal, provincial, state, local or
foreign law, statute, ordinance, order, code, rule or regulation, promulgated or issued by any
Governmental Authority, as well as any judgments, decrees, injunctions or agreements issued or
entered into by any Governmental Authority specifically with respect to Seller.

          “Liability” means, collectively, any indebtedness, guaranty, endorsement, claim, loss, damage,
deficiency, cost, expense, obligation or responsibility, fixed or unfixed, known or unknown, choate
or inchoate, liquidated or unliquidated, secured or unsecured, direct or indirect, matured or
unmatured, or absolute, contingent or otherwise, including any product liability.

          “Losses” means, with respect to any claim or matter, all losses, expenses, obligations and
other Liabilities or other damages (whether absolute, accrued, contingent, fixed or otherwise, or
whether known or unknown, or due or to become due or otherwise), diminution in value, monetary
damages, fines, fees, penalties, interest obligations, deficiencies, losses and expenses (including
amounts paid in settlement, interest, court costs, costs of investigators, fees and expenses of
attorneys, accountants, financial advisors and other experts, and other expenses of litigation).

          “Material Adverse Effect” means any change or effect that is materially adverse to the NK-1
Program, the Purchased Assets and/or the Assumed Liabilities, taken as a whole, but shall exclude
any change, effect or circumstance resulting or arising from: (a) the announcement of or
consummation of the transactions contemplated by this Agreement and the BSAA Agreement, and/or the
Merger, (b) events, circumstances, changes or effects that generally affect the industries in which
Seller operates, (c) general economic or political conditions, or events,
circumstances, changes or effects affecting the securities markets generally, (d) any changes
in Law, and/or (e) any circumstance, change or effect that results from any action taken pursuant
to or in accordance with this Agreement, the BSAA Agreement or at the request of Purchaser.

-3-

 

          “Merger” has the meaning set forth in the Preliminary Statements.

          “NK-1 Compounds” means the neurokinin-1 (NK-1) receptor antagonists SCH **** (Rolapitant) and
SCH ****, or any product containing such compounds.

          “NK-1 Drug Substance” means the amounts of active pharmaceutical ingredient (API) and
formulated drug substance for the NK-1 Compounds set forth in Exhibit B.

          “NK-1 Intellectual Property” means collectively, the NK-1 Know-How and NK-1 Patents. ****.

          “NK-1 Know-How” means the know-how that is exclusively used for the NK-1 Program, including
any and all specifications, processes, designs, plans, trade secrets, ideas, concepts, inventions,
manufacturing, engineering and other manuals and drawings, standard operating procedures, formulae,
flow diagrams, toxicological, biological, physical, analytical, safety, stability, supply,
selection, constitution, or use of any raw material, quality assurance, quality control and
clinical data, technical information or research records. For the sake of clarity, none of the
foregoing information shall be included in NK-1 Know-How to the extent that such information is
covered by any claim of any Patent.

          “NK-1 Patents” means the Patents and patent applications which are set forth on Exhibit C,
including all patents and patent applications, and all additions, divisions, continuations,
continuations-in-part, provisionals, continued prosecution applications, substitutions, reissues,
extensions, registrations and renewals of any of the foregoing which have any claims covering the
manufacture, distribution, marketing, promoting, offering for sale and selling of the NK-1
Compounds as of the Closing Date and are reasonably necessary or useful for the conduct of the NK-1
Program.

          “NK-1 Program” means Seller’s program for the commercialization of the NK-1 Compounds,
including but not limited to their research, development, manufacture, marketing and sale, as
conducted by Seller as of or prior to the Closing Date.

          “NK-1 Records” means, to the extent permitted by Law, all records or recorded information
relating exclusively to the NK-l Compounds or NK-1 Program, including, but not limited to,
Regulatory Filings, clinical trial master files, final and draft clinical protocols, stability
studies, laboratory books, batch records, strategic or marketing studies, and internal analyses,
that are in Seller’s possession or control as of the Closing Date, provided, however, that: (a) in
each case, Retained Information and Retained Intellectual Property contained in any such records
shall continue to be owned by the Seller and licensed to Purchaser in accordance with the
provisions of Section 2.6.1 and may be otherwise used and exploited by such Seller in compliance
with this Agreement; (b) Seller may retain: (i) a copy of any such records to the extent necessary
for Tax, accounting, legal or regulatory purposes, (ii) all books, documents, records and files:
(A) prepared in connection with or relating to the Transactions, including bids received from other
parties and strategic, financial or Tax analyses relating to the divestiture of
the Purchased Assets, the Assumed Liabilities, the NK-l Compounds and the NK-1 Program,
including, without limitation, any attorney work-product, attorney-client communication or other
items protected by privilege relating to the outlicensing process or divestiture of the NK-1
Compounds; or (B) maintained by Seller and/or its representatives, agents or licensees in
connection with their respective Tax, legal, regulatory or reporting requirements; and (c) with
respect to any attorney work product, attorney-client communications and other items protected by
privilege, Seller and Purchaser shall enter into agreements such that the transfer of such
materials to Purchaser would not destroy or impair such privileges.

-4-

 

          “Party” or “Parties” has the meaning set forth in the introductory paragraph of this
Agreement.

          “Permitted Encumbrances” means (a) statutory liens for current Taxes of Seller not yet due and
payable or Taxes of Seller being contested in good faith by appropriate proceedings, and (b)
mechanics’, carriers’, workers’, repairers’ and other similar liens arising or incurred in the
ordinary course of business relating to obligations as to which there is no default on the part of
Seller or the validity or amount of which is being contested in good faith by appropriate
proceedings, or pledges, deposits or other liens securing the performance of bids, trade contracts,
leases or statutory obligations (including workers’ compensation, unemployment insurance or other
social security legislation.

          “Person” means any individual, corporation, partnership, joint venture, limited liability
company, trust or unincorporated organization or Governmental Authority.

          “Prime Rate” means the rate of interest from time to time at the prime commercial lending rate
to the most creditworthy customers by a bank of national standing agreed by the Parties.

          “Purchase Price” has the meaning set forth in Section 2.7.

          “Purchased Assets” means, collectively, the NK-1 Drug Substance, the Regulatory Filings, the
NK-1 Patents and the NK-1 Records.

          “Purchaser Proprietary Information” has the meaning set forth in Section 7.1.2.

          “Purchaser” has the meaning set forth in the introductory paragraph of this Agreement.

          “Purchaser Registrations” means the permits, approvals, licenses, franchises or
authorizations, including the Regulatory Filings, from any Governmental Authority that relate to
the testing, manufacture, distribution, marketing, promoting, offering for sale and selling of the
NK-1 Compounds that are necessary for the conduct of the NK-1 Program which are granted to
Purchaser or Purchaser’s Affiliate by any Governmental Authority after the Closing Date.

          “Regulatory Filings” means (a) (i) the Investigational New Drug Applications (INDs) having
numbers IND **** and IND ****, filed by Seller with the United States Food and Drug Administration
(“FDA”) for the NK-1 Compounds, and (ii) any counterparts of such INDs in any other country in the
Territory, and (b) all supplements and amendments that may be filed with respect to any filings
described in the preceding clause (a).

-5-

 

          “Representatives” means, with respect to any Person, the directors, managers, employees,
independent contractors, agents or consultants of such Person.

          “Retained Information” means the records prepared and maintained by Seller or its Affiliates
including, without limitation, laboratory books, batch records, stability studies, strategic or
marketing studies, internal analyses and regulatory files (including correspondence with
Governmental Authorities) and any and all memoranda or other documents prepared by Seller or its
Affiliates related to the NK-1 Compounds, the NK-1 Program, or manufacture or distribution of the
NK-1 Compounds, but which are not exclusive to the NK-1 Program, that are in Seller’s possession or
control prior to or as of the Closing Date.

          “Retained Intellectual Property” means, collectively, the know-how and patents, other than
NK-1 Intellectual Property, owned or controlled by Seller relating to the NK-1 Compounds or NK-l
Program.

          “SEC” means the United States Securities and Exchange Commission.

          “Seller Disclosure Schedule” means the disclosure schedules delivered by Seller to Purchaser
in connection with this Agreement (it being expressly agreed that disclosure of any item or matter
under any Section in such Seller Disclosure Schedule, or in attachments thereto, and documents
referred to in such Seller Disclosure Schedule, shall be deemed disclosure for all purposes of
Section 3).

          “Seller Proprietary Information” has the meaning set forth in Section 7.1.2.

          “Seller” has the meaning set forth in the introductory paragraph of this Agreement.

          “Tax” or “Taxes” means any and all taxes, assessments, levies, tariffs, duties or other
charges or impositions in the nature of a tax (together with any and all interest, penalties,
additions to tax and additional amounts imposed with respect thereto) imposed by any Governmental
Authority.

          “Tax Return” means any report, return (including any information return), claim for refund,
election, estimated Tax filing or payment, request for extension, document, declaration or other
information or filing required to be supplied to any Governmental Authority with respect to Taxes,
including attachments thereto and amendments thereof.

          “Territory” means the entire world.

          “Third Party Claim” has the meaning set forth in Section 8.4.

          “Third Party(ies)” means any Person other than the Parties or their respective Affiliates.

          “Transactions” means the transactions contemplated by this Agreement and the BSAA Agreement.

     1.2 Other Definitional Provisions.

-6-

 

          1.2.1 When a reference is made in this Agreement to a Section, Exhibit or Schedule, such
reference is to a Section of, or an Exhibit or Schedule to, this Agreement unless otherwise
indicated.

          1.2.2 The terms defined in the singular has a comparable meaning when used in the plural, and
vice versa.

          1.2.3 Words of one gender include the other gender.

          1.2.4 References to a Person are also to its successors and permitted assigns.

          1.2.5 The term “dollars” and “$” means United States dollars.

          1.2.6 The word “including” means “including without limitation” and the words “include” and
“includes” have corresponding meanings.

SECTION 2.

PURCHASE AND SALE

     2.1 Transfer of Purchased Assets. On the Closing Date, on the terms and subject to the
conditions contained in this Agreement and in consideration of the Purchase Price paid to Seller by
Purchaser, Seller will sell, convey, transfer and assign to Purchaser, and Purchaser will purchase
and acquire from Seller, all of Seller’s right, title and interest in and to the Purchased Assets.

     2.2 Excluded Assets. Except as specifically provided in this Agreement, the Parties
acknowledge and agree that Seller is not selling, conveying, transferring, delivering or assigning
any rights whatsoever to the Excluded Assets to Purchaser, and Purchaser is not purchasing, taking
delivery of or acquiring any rights whatsoever to the Excluded Assets from Seller. Without
limiting the foregoing, Purchaser expressly acknowledges it is not acquiring any rights to the
Retained Intellectual Property and the Retained Information other than the licenses thereto granted
in Section 2.6.

     2.3 Assumed Liabilities. On the Closing Date, Purchaser shall assume and pay, perform or
otherwise discharge, in accordance with their respective terms and subject to the respective
conditions thereof, the following Liabilities (collectively, the “Assumed Liabilities”):

          2.3.1 any Liability, obligation and commitment that Purchaser has expressly assumed or agreed
to assume under this Agreement;

          2.3.2 any Liability arising out of or relating to any NK-1 liability, breach of warranty or
similar claim for injury to person or property due to the use or misuse of the NK-1 Compounds or
the Purchased Assets, to the extent such Liabilities arise out of or are attributable to acts,
omissions or events occurring after the Closing; and

          2.3.3 any other Liability, obligation and commitment of whatever kind and nature relating to
the NK-1 Program, the NK-1 Compounds, the Purchased Assets, or the
ownership, sale or lease of any of the Purchased Assets, to the extent such Liabilities arise
out of or are attributable to acts, omissions or events occurring after the Closing.

-7-

 

          2.3.4 Purchaser’s obligations under this Section 2.3 shall not be subject to offset or
reduction by reason of any actual or alleged breach of any representation, warranty or covenant
contained in this Agreement or the BSAA Agreement or any right or alleged right to indemnification
under this Agreement or the BSAA Agreement.

     2.4 Excluded Liabilities. Seller shall retain and shall be responsible for paying, performing
and discharging when due, and Purchaser shall not assume or have any responsibility for, the
following Liabilities (the “Excluded Liabilities”):

          2.4.1 any Liability, obligation and commitment that Seller has expressly assumed or agreed to
assume under this Agreement;

          2.4.2 any Liabilities exclusively relating to or arising out of the Excluded Assets; and

          2.4.3 any Liabilities relating to the NK-1 Program, the NK-1 Compounds, the Purchased Assets,
or otherwise with respect to the operation of Seller’s business, to the extent such Liabilities
arose or relate to circumstances or facts which occurred prior to Closing; and

          2.4.4 Seller’s obligations under this Agreement.

     2.5 Technical Transfer Services.

          2.5.1 Within ten (10) days of the Execution Date, the Parties shall form a technical transfer
team (the “Technical Team”), who shall coordinate and oversee the transfer of the Purchased Assets
and the transfer to Purchaser of all NK-1 Know How, NK-1 Records, Retained Information, and all
technical information and support reasonably necessary to enable Purchaser to assume responsibility
for the development, testing and manufacture of the NK-1 Compounds as practiced by Seller prior to
the Execution Date. The Technical Team shall consist of representatives from each of Purchaser and
Seller or their designees.

          2.5.2 Promptly following the Closing, Seller shall, with input from the Technical Team,
commence the transfer of all technical information and support reasonably necessary to enable
Purchaser to assume responsibility for the development, testing and manufacture of the NK-l
Compounds (the “Technical Transfer Services”), including the Technical Transfer Services to be
provided by Seller to Purchaser as set forth in Schedule 2.5. In connection with the foregoing,
Seller shall provide Purchaser (and/or Purchaser’s designee), at Seller’s expense:

               (a) The reasonable assistance of its then current employees and reasonable access to its other
internal resources to provide Purchaser with a reasonable level of technical assistance and
consultation in connection with the transfer of the NK-1 Program to Purchaser; and

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               (b) copies of all production outlines, standard testing requirements, standard operating
procedures, technology, documents, data, or other information that constitutes the NK-1 Know-How.

          2.5.3 Additional Services. At any time within **** after the Closing, Purchaser may, upon
reasonable notice, request Seller to provide additional transition services, and Seller shall use
reasonable efforts to provide such services on mutually agreeable terms and conditions.

          2.5.4 Term of Technical Transfer Services. The term of the Technical Transfer Services to be
provided pursuant to this Section shall commence on the Closing Date and shall continue until the
completion of all Technical Transfer Services, provided that such term shall not extend longer than
**** after the Closing Date or until Seller has fully transferred to Purchaser all of the assets
subject to this Agreement, whichever is later. Upon the **** anniversary of the Closing Date, or
the date by which Seller has fully transferred to Purchaser all of the assets subject to this
Agreement, whichever is later, the Technical Team shall be disbanded and for an additional ****
period thereafter, Seller shall make former Technical Team members (or currently employed personnel
comparably knowledgeable in the relevant functional areas) available to Purchaser to respond to
Purchaser’s questions about the Purchased Assets, NK-l Know-How, Retained Information or Retained
Intellectual Property.

     2.6 Licenses.

          2.6.1 In partial consideration of the Purchase Price, Seller hereby grants to Purchaser a
royalty-free, paid-up, irrevocable, transferable and sublicensable license in the Territory, under
the NK-1 Know-How, Retained Information and Retained Intellectual Property solely to research,
develop, make, have made, use, have used, offer for sale, sell, and import the NK-1 Compounds in
and into the Territory (the “License”). Such License shall be exclusive (even as to Seller).

          2.6.2 For the avoidance of doubt, Seller shall have the right to use the Retained Information
and Retained Intellectual Property for all purposes in the Territory other than for the conduct of
the NK-l Program or to research, develop, make, have made, use, have used, offer for sale, sell, or
import the NK-l Compounds in and into the Territory.

          2.6.3 The NK-1 Know-How, Retained Information and Retained Intellectual Property shall
continue to be owned by Seller and licensed to Purchaser only in accordance with this Section 2.6.
All rights to the NK-1 Know-How, Retained Information and Retained Intellectual Property not
expressly granted by Seller pursuant to this Section 2.6 are hereby reserved by Seller.

          2.6.4 Purchaser hereby grants to Seller a royalty-free, paid-up, irrevocable, transferable and
sublicensable exclusive license in the Territory under the NK-1 Patents to research, develop, make,
have made, use, have used, offer for sale, sell, and import products for veterinary purposes. The
license shall exclude, however, all rights to use the NK-l Patents to make, have made, use, have
used, offer for sale, sell or import any product containing the NK-1 Compounds. For the avoidance
of doubt, Purchaser shall have the sole right to control and enforce the NK-l Patents.

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     2.7 Payments.

          2.7.1 Purchase Price. In addition to any other amounts due under this Agreement, in
consideration of the sale, assignment, conveyance, and license of the Purchased Assets and the
License under Section 2, Purchaser shall assume the Assumed Liabilities and pay to Seller in
accordance with Section 2.11.2, by wire transfer of immediately available funds directly to an
account designated by Seller, the sum of Two Million Dollars ($2,000,000) (the “Purchase Price”).

          2.7.2 Development Milestone Payments. Purchaser shall make the following one time development
milestone payments to Seller upon the achievement of the indicated milestone event regarding any
New Drug Application (“NDA”) filed by Purchaser with the U.S. FDA for an NK-1 Compound:

               (a) **** Million Dollars ($****) upon **** for an NK-1 Compound; and

               (b) **** Million Dollars ($****) **** for an NK-1 Compound.

               (c) In the event that Purchaser, within **** years after the Closing, **** in any country of
the Territory **** to one or both of the NK-1 Compounds to a Third Party (other than in respect of
the transfer or sale of all or substantially all of Purchaser’s Assets), Purchaser **** for such
license, sale or transfer, provided however, that Purchaser shall not be ****; provided however,
that in the event that Purchaser, within **** after the Closing, **** to one or both of the NK-1
Compounds to a Third Party, Purchaser shall **** above to Seller at such time as, in the case of
2.7.2(a), an NDA is submitted for an NK-l Compound, and in the case of 2.7.2(b), an NDA is approved
for an NK-1 Compound.

     2.8 Purchase Price Allocation. Within sixty (60) days of the Closing Date, Purchaser and
Seller shall agree on the form of a schedule detailing the Purchase Price allocation (the “Purchase
Price Allocation”) as determined by Purchaser in accordance with Section 1060 of the Code and the
Treasury Regulations. Purchaser shall provide Seller with a draft of the Purchase Price Allocation
after the Closing Date for Seller’s review and comments. Purchaser and Seller agree, unless
otherwise required pursuant to a “determination” within the meaning of Section 1313(a) of the Code,
to be bound by the Purchase Price Allocation, to file all Tax Returns (including IRS Form 8594 and
any supplemental or amended IRS Form 8594) in accordance with the Purchase Price Allocation, and
not to take any position inconsistent with the Purchase Price Allocation in the course of any
audit, examination, other administrative or judicial proceeding.

     2.9 Risk of Loss. Until the Closing, any loss of or damage to the Purchased Assets from fire,
flood, casualty or any other similar occurrence shall be the sole responsibility of Seller. As of
the Closing, title to the Purchased Assets shall be transferred to Purchaser. After the Closing
Date, Purchaser shall bear all risk of loss associated with the Purchased Assets and shall be
solely responsible for procuring adequate insurance to protect the Purchased Assets against any
such loss.

     2.10 Closing. Unless this Agreement shall have been terminated, on the terms and subject to
the conditions of this Agreement, the Closing shall take place at the offices of
Schering Corporation, 2000 Galloping Hill Road, Kenilworth, New Jersey 07033, unless the
Parties otherwise agree, on the date following the satisfaction or waiver of all of the conditions
set forth in Section 6 (the “Closing Date”). The Parties will exchange (or cause to be exchanged)
at the Closing the funds, agreements, instruments, certificates and other documents, and do, or
cause to be done, all of the things respectively required of each Party as specified in Section
2.11.

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     2.11 Transactions at Closing. At the Closing, subject to the terms and conditions of this
Agreement:

          2.11.1 Seller’s Actions and Deliveries. Seller shall deliver or cause to be delivered to
Purchaser:

               (a) executed counterparts of the BSAA Agreement to which the Seller or an Affiliate of Seller
is a party;

               (b) a certificate of a duly authorized officer of Seller certifying as to the matters set
forth in Sections 6.2.1 and 6.2.2;

               (c) such Purchased Assets designated to be delivered on the Closing Date in accordance with
the plan agreed upon by the Parties pursuant to Schedule 2.11 (the “Asset Transfer Schedule”); and

               (d) such other documents and instruments as may be reasonably necessary to effect or evidence
the Transactions.

          2.11.2 Purchaser’s Actions and Deliveries. Purchaser shall deliver or cause to be delivered
to Seller:

               (a) the Purchase Price in full by wire transfer of immediately available funds directly to the
bank account designated by Seller in a written notice to Purchaser prior to the Closing;

               (b) executed counterparts of the BSAA Agreement to which Purchaser or an Affiliate of
Purchaser is a party;

               (c) a certificate of a duly authorized officer of Purchaser certifying as to the matters set
forth in Sections 6.3.1 and 6.3.2; and

               (d) such other documents and instruments as may be reasonably necessary to effect or evidence
the Transactions.

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SECTION 3.

REPRESENTATIONS AND WARRANTIES OF SELLER

     Except as set forth in Schedule 3, Seller hereby represents and warrants to Purchaser, as of
the Closing Date, as follows:

     3.1 Organization. Seller is a corporation duly organized, validly existing and in good
standing under the laws of the state of New Jersey. Seller has all requisite corporate power and
authority to own, lease and operate, as applicable, the Purchased Assets.

     3.2 Due Authorization. Seller has all requisite corporate power and authority to execute,
deliver and perform its obligations under this Agreement and the BSAA Agreement, and the execution
and delivery of this Agreement and the BSAA Agreement and the performance of all of its obligations
under this Agreement and the BSAA Agreement has been duly authorized by Seller.

     3.3 No Conflicts; Enforceability. The execution, delivery and performance of this Agreement
and the BSAA Agreement by Seller (1) are not prohibited or limited by, and will not result in the
breach of or a default under, any provision of the certificate of incorporation or bylaws of
Seller, (2) do not conflict with any Law applicable to Seller, and (3) do not conflict with, result
in a breach of, constitute (with or without due notice or lapse of time or both) a default under,
result in the acceleration of obligations under, create in any party the right to terminate, modify
or cancel, or require any notice, consent or waiver under, any material agreement or instrument
binding on Seller or any applicable order, writ, injunction or decree of any court or Governmental
Authority to which Seller is a party or by which Seller is bound or to which any of its Assets is
subject. This Agreement and the BSAA Agreement have been duly executed and delivered by Seller,
and constitute the legal, valid and binding obligations of Seller, enforceable against Seller in
accordance with their respective terms, except as enforceability may be limited or affected by
applicable bankruptcy, insolvency, moratorium, reorganization or other laws of general application
relating to or affecting creditors’ rights generally.

     3.4 Title; Condition; Assets. Seller owns the Purchased Assets free and clear of all
Encumbrances other than the Permitted Encumbrances, and upon consummation of the transactions
contemplated hereby, Purchaser will acquire good and marketable title to the Purchased Assets, free
and clear of all Encumbrances other than the Permitted Encumbrances. The Purchased Assets and the
NK-1 Intellectual Property constitute substantially all of the assets used by Seller in connection
with the NK-1 Program, and are sufficient for Purchaser to conduct the NK-1 Program in
substantially the manner as conducted by Seller prior to Closing. The NK-1 Drug Substance
identified for clinical use in Exhibit B hereto (i) have been manufactured in accordance with cGMP,
(ii) conform in all material respects to their specifications and are fit for use in clinical
trials pursuant to FDA guidelines and requirements, and (iii) do not include any items with an
expiration date or of a quality or quantity not usable through the clinical trials for the NK-1
Compounds.

     3.5 Intellectual Property.

          ****

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     3.6 Litigation. As of the Closing Date, there is no Action pending or, to Seller’s Knowledge,
threatened, and, to Seller’s Knowledge, there is no claim, governmental investigation or
administrative action pending or threatened as to Seller (or to Seller’s Knowledge, any Third
Party) related to the NK-1 Compounds, NK-1 Program or the Transactions.

     3.7 Consents. Except for the consent of the FTC, no notice to, filing with, authorization of,
exemption by, or consent of, any Person, including any Governmental Authority, is required for
Seller to consummate the Transactions.

     3.8 Taxes. There are no liens for Taxes on the Purchased Assets.

     3.9 Compliance with Laws. To Seller’s Knowledge, Seller has conducted the NK-1 Program in
compliance with all applicable Laws, and the Regulatory Filings were filed in compliance with
applicable Laws.

     3.10 Regulatory Filings.

          3.10.1 Seller or its Affiliates are the sole and exclusive owners of the Regulatory Filings.

          3.10.2 Seller has not received any written or, to Seller’s Knowledge, other notice of
proceedings from a Governmental Authority alleging that the NK-1 Compounds or any of the Purchased
Assets or the ownership, manufacturing, operation, storage, warehousing, handling and/or testing of
any NK-1 Compound is in violation of any applicable Law and such violation has not been remedied,
except for such violations that would not reasonably be expected to have a Material Adverse Effect.

          3.10.3 Seller has completed and filed all reports required by the applicable Governmental
Authority in order to maintain the Regulatory Filings, except where failure to file such reports
would not have a Material Adverse Effect or any significant impact on the validity or
maintainability of the Regulatory Filings.

     3.11 Clinical Trials. To Seller’s Knowledge, the clinical trials, animal studies and other
preclinical tests conducted by or on behalf of the Seller under the NK-1 Program were, and if still
pending, are, being conducted in all material respects in accordance with all experimental
protocols, informed consents, procedures and controls of the Seller and applicable FDA requirements
including, but not limited to, good clinical practice and good laboratory practice regulations.
Neither the Seller nor its Affiliates have received any written notice from the FDA or any other
Governmental Authority requiring the termination or suspension of any animal study, preclinical
study or clinical trial conducted by or on behalf of the Seller or its Affiliates.

     3.12 Contracts. Except for confidentiality agreements that were put in place with Third
Parties interested in evaluating the NK-1 Program, neither Seller nor any of its Affiliates is a
party to any contract, agreement or understanding (other than this Agreement) relating to the
Purchased Assets or the NK-1 Program.

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     3.13 NK-1 Records. To the Knowledge of Seller, the NK-1 Records are all of the records and
recorded information exclusively related to the NK-1 Program.

     3.14 Brokers, Etc. No broker, investment banker, agent, finder or other intermediary acting
on behalf of Seller or under the authority of Seller, is or will be entitled to any broker’s or
finder’s fee or any other commission or similar fee directly or indirectly in connection with any
of the Transactions.

     3.15 Disclaimer.

          3.15.1 EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS SECTION 3:

               (a) SELLER, AND ITS RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES OR REPRESENTATIVES, DOES NOT
MAKE OR HAS NOT MADE ANY OTHER REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, WRITTEN OR ORAL, AT
LAW OR IN EQUITY, IN RESPECT OF THE PURCHASED ASSETS, ASSUMED LIABILITIES, THE NK-1 COMPOUNDS, THE
NK-1 INTELLECTUAL PROPERTY OR THE NK-1 PROGRAM, INCLUDING ANY IMPLIED REPRESENTATION OR WARRANTY
WITH RESPECT TO (I) MERCHANTABILITY, NON-INFRINGEMENT, SUITABILITY OR FITNESS FOR ANY PARTICULAR
PURPOSE, (II) THE CONDUCT OF THE NK-1 PROGRAM BY PURCHASER AFTER THE CLOSING IN ANY MANNER OTHER
THAN AS USED AND OPERATED BY SELLER OR (III) THE PROBABLE SUCCESS OR PROFITABILITY OF THE NK-1
PROGRAM AFTER THE CLOSING;

               (b) SELLER OR ANY OF ITS RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES OR REPRESENTATIVES WILL NOT
HAVE OR BE SUBJECT TO ANY LIABILITY OR INDEMNIFICATION OBLIGATION TO PURCHASER OR TO ANY OTHER
PERSON RESULTING FROM THE DISTRIBUTION TO PURCHASER, ITS AFFILIATES OR REPRESENTATIVES OF, OR
PURCHASER’S USE OF, ANY INFORMATION RELATING TO THE NK-1 PROGRAM, AND ANY INFORMATION, DOCUMENTS OR
MATERIAL MADE AVAILABLE TO PURCHASER, WHETHER ORALLY OR IN WRITING, IN CERTAIN ELECTRONIC AND
PHYSICAL “DATA ROOMS,” FACE-TO-FACE PRESENTATIONS, FUNCTIONAL “BREAK-OUT” DISCUSSIONS, RESPONSES TO
QUESTIONS SUBMITTED ON BEHALF OF PURCHASER OR IN ANY OTHER FORM IN EXPECTATION OF THE TRANSACTIONS.
ANY SUCH OTHER REPRESENTATION OR WARRANTY IS HEREBY EXPRESSLY DISCLAIMED; AND

          3.15.2 EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS SECTION 3, SELLER’S INTEREST IN THE
PURCHASED ASSETS AND THE NK-1 PROGRAM ARE BEING TRANSFERRED THROUGH THE SALE OF THE PURCHASED
ASSETS “AS IS, WHERE IS, WITH ALL FAULTS,” AND SELLER EXPRESSLY DISCLAIMS ANY REPRESENTATIONS OR
WARRANTIES OF ANY KIND OR NATURE, EXPRESS OR IMPLIED, AS TO THE CONDITION, VALUE OR QUALITY OF THE
PURCHASED ASSETS, NK-1 PROGRAM AND THE PROSPECTS (FINANCIAL OR
OTHERWISE), RISKS AND OTHER INCIDENTS OF THE PURCHASED ASSETS AND NK-1 PROGRAM.

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SECTION 4.

REPRESENTATIONS AND WARRANTIES OF PURCHASER

     Purchaser represents and warrants to Seller, as of the Closing Date, as follows:

     4.1 Organization. Purchaser is a corporation duly organized and validly existing and in good
standing under the laws of Delaware. Purchaser has all requisite corporate power and authority to
own, lease and operate its properties and to carry on the NK-1 Program as now being conducted.

     4.2 Due Authorization. Purchaser has all requisite corporate power and authority to execute,
deliver and perform its obligations under this Agreement and the BSAA Agreement, and the execution
and delivery of this Agreement and the BSAA Agreement and the performance of all of its obligations
under this Agreement and under the BSAA Agreement have been duly authorized by Purchaser and, to
the extent required by Law, contract or otherwise, its stockholders.

     4.3 Sufficiency of Purchaser. Purchaser is a viable competitor in the research, development,
marketing and sale of pharmaceutical products such as the NK-1 Compounds. Purchaser has, or is
able to secure access to, the expertise and financial resources to develop and commercialize the
NK-1 Compounds in the Territory following the Closing Date.

     4.4 No Conflicts; Enforceability.

          4.4.1 The execution, delivery and performance of this Agreement and the BSAA Agreement by
Purchaser (1) are not prohibited or limited by, and will not result in the breach of or a default
under, any provision of the certificate of incorporation or bylaws of Purchaser, (2) do not
conflict with any Law applicable to Purchaser and (3) do not conflict with, result in a breach of,
constitute (with or without due notice or lapse of time or both) a default under, result in the
acceleration of obligations under, create in any party the right to terminate, modify or cancel, or
require any notice, consent or waiver under, any material agreement or instrument binding on
Purchaser or any applicable order, writ, injunction or decree of any court or Governmental
Authority to which Purchaser is a party or by which Purchaser is bound or to which any of its
Assets is subject, except for such prohibition, limitation, default, notice, filing, permit,
authorization, consent, approval, conflict breach or default which would not prevent or delay
consummation by Purchaser of the Transactions.

          4.4.2 This Agreement and the BSAA Agreement have been duly executed and delivered by
Purchaser, and constitute the legal, valid and binding obligations of Purchaser, enforceable
against Purchaser in accordance with their respective terms, except as enforceability may be
limited or affected by applicable bankruptcy, insolvency, moratorium, reorganization or other laws
of general application relating to or affecting creditors’ rights generally.

     4.5 Litigation. There is no Action pending or, to Purchaser’s knowledge, threatened, directly
or indirectly involving Purchaser (or to Purchaser’s knowledge, any Third Party) that
would prohibit, hinder, delay or otherwise impair Purchaser’s ability to perform its
obligations under this Agreement or under the BSAA Agreement, including the assumption of the
Assumed Liabilities, would affect the legality, validity or enforceability of this Agreement or the
BSAA Agreement, or prevent or delay the consummation of the Transactions.

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     4.6 Consents. Except for the requisite filings as may be necessary as a result of any facts
or circumstances relating solely to the Seller, no notice to, filing with, authorization of,
exemption by, or consent of, any Person, including any Governmental Authority, is required for
Purchaser to consummate the Transactions.

     4.7 Financing. Purchaser has sufficient immediately available funds to pay, in cash, the
Purchase Price and all other amounts payable pursuant to this Agreement and the BSAA Agreement or
otherwise necessary to consummate all the Transactions. Upon the consummation of the Transactions
(a) Purchaser will not be insolvent, (b) Purchaser will not be left with unreasonably small
capital, (c) Purchaser will not have incurred debts beyond its ability to pay such debts as they
mature and (d) the capital of Purchaser will not be impaired.

     4.8 Brokers, Etc. No broker, investment banker, agent, finder or other intermediary acting on
behalf of Purchaser or under the authority of Purchaser is or will be entitled to any broker’s or
finder’s fee or any other commission or similar fee directly or indirectly in connection with any
of the Transactions.

     4.9 Independent Investigation.

          4.9.1 In making the decision to enter into this Agreement and the BSAA Agreement and to
consummate the Transactions, Purchaser has conducted its own independent investigation, review and
analysis of the Purchased Assets, Assumed Liabilities, the NK-1 Compounds and NK-1 Program, which
investigation, review and analysis was done by Purchaser and its Affiliates and Representatives.
Purchaser acknowledges that it and its Representatives have been provided adequate access to the
personnel, properties, premises and records of the NK-1 Program for such purpose. In entering into
this Agreement and the BSAA Agreement, Purchaser acknowledges that Purchaser and its Affiliates
have relied solely upon the aforementioned investigation, review and analysis and not on any
factual representations or opinions of Seller or its respective Representatives (except the
specific representations and warranties of Seller set forth in Section 3).

          4.9.2 Purchaser hereby acknowledges and agrees that (l) other than the representations and
warranties made in Section 3, none of Seller or its respective Affiliates, or any of its respective
Representatives make or have made any representation or warranty, express or implied, at law or in
equity, with respect to the Purchased Assets, Assumed Liabilities and NK-1 Program, including as to
(i) merchantability or fitness for any particular use or purpose, (ii) the operation of the NK-l
Program by Purchaser after the Closing in any manner other than as used and operated by Seller or
(iii) the probable success or profitability of the NK-l Compounds or NK-l Program after the
Closing, and (2) none of Seller or its respective Affiliates nor any of their respective
Representatives will have or be subject to any Liability or indemnification obligation to Purchaser
or to any other Person resulting from the distribution to Purchaser, its Affiliates or
Representatives of, or Purchaser’s use of, any information relating to the NK-1
Program, including any information, documents or material made available to Purchaser, whether
orally or in writing, in certain electronic and physical “data rooms,” face-to-face presentations,
functional “break-out” discussions, responses to questions submitted on behalf of Purchaser or in
any other form in expectation of the Transactions.

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     4.10 ****

SECTION 5.

COVENANTS PRIOR TO CLOSING

     5.1 Required Approvals and Consents; Cooperation.

          5.1.1 As soon as reasonably practicable after the Execution Date, the Parties shall make all
filings required to be made in order to consummate the Transactions.

          5.1.2 Purchaser, including its Affiliates, as applicable, shall as promptly as practicable
after the Execution Date (i) prepare and furnish all necessary information and documentation
(including furnishing all information requested by any Governmental Authorities) and make
presentations to the FTC, (ii) take all other actions that may be necessary to demonstrate to the
FTC that Purchaser is an acceptable purchaser of the Purchased Assets and that Purchaser will
effectively compete in the marketplace using the Purchased Assets (and Seller shall use its
reasonable efforts to assist Purchaser in taking such actions) and (iii) otherwise to do whatever
is necessary, proper or advisable to assist and cooperate with Seller in obtaining necessary
consents, approvals or orders of all Governmental Authorities necessary to consummate the
Transactions (on the terms and conditions of this Agreement and the BSAA Agreement) and the Merger.
Purchaser shall keep Seller apprised of the status of any inquiries made of Purchaser or its
Affiliates by the FTC or any other Governmental Authorities, including their respective staffs,
with respect to this Agreement (or any part hereof) and the Transactions (or any part hereof) and,
to the extent possible, permit Seller (and its counsel) to attend any meetings between Purchaser
(including its counsel) and the FTC and communicate with Seller in advance of any communications or
correspondence with the FTC. Without limiting the generality of the undertakings pursuant to this
Section, Purchaser agrees to assist and cooperate with Seller if it contests and resists any Action
seeking to have imposed any order, decree, judgment, injunction, ruling or other order (whether
temporary, preliminary or permanent) that would materially delay, restrain, enjoin or otherwise
prohibit consummation of the Transactions. The provisions of this Section 5.2 shall also be
applicable to any request for information from other Governmental Authorities in connection with
the NK-l Program.

     5.2 Notifications. Between the Execution Date and the Closing Date, each of Seller and
Purchaser shall promptly notify the other Party in writing of any fact, change, condition,
circumstance or occurrence or nonoccurrence of any event of which it is aware that will or is
reasonably likely to result in any of the conditions set forth in Section 6 becoming incapable of
being satisfied; provided, however, that the delivery of any notice pursuant to this Section shall
not limit or otherwise affect the remedies available hereunder to the Party receiving such notice.

     5.3 Certification. ****Purchaser has provided to Seller prior to the Execution Date.

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     5.4 Cooperation. Purchaser understands that Seller is entering into this Agreement to comply
with the Consent Order and that Purchaser and the Transaction are subject to the prior approval of
the FTC pursuant to the Consent Order. Purchaser agrees and warrants that it will cooperate in
good faith with Seller in its efforts to obtain such approvals. Purchaser will supply all
information and take such other actions as Seller may reasonably require in connection with
Seller’s request for FTC approval of Purchaser and the Transactions.

     5.5 Further Assurances; Further Documents.

          5.5.1 Commencing on the Execution Date, each of the Parties shall use its commercially
reasonable efforts, in the most expeditious manner practicable, (i) to satisfy or cause to be
satisfied all the conditions precedent that are set forth in Section 6, as applicable to each of
them, (ii) to cause the Transactions to be consummated, and (iii) without limiting the generality
of the foregoing, to obtain all consents and authorizations of Third Parties and to make all
filings with, and give all notices to, Third Parties that may be necessary or reasonably required
on its part in order to consummate the Transactions.

          5.5.2 Each of Purchaser and Seller shall, and shall cause its respective Affiliates to, at the
request of another Party, execute and deliver to such other Party all such further instruments,
assignments, assurances and other documents as such other Party may reasonably request in
connection with the carrying out of this Agreement and the Transactions.

     5.6 Intellectual Property.

          5.6.1 Until the Closing, Seller shall preserve intact the Purchased Assets and maintain and
protect its interests in each item of the NK-1 Patents. Seller further warrants to Purchaser that
all application and renewal fees, costs, charges, taxes and other steps required for the
maintenance or protection of the NK-1 Patents arising prior to the Closing Date will be duly paid
in a timely manner and to Seller’s Knowledge there are no currently outstanding patent office
response final deadlines or expiration dates in relation to the NK-1 Patents that arise after the
Execution Date and prior to December 31, 2009.

          5.6.2 Seller shall execute the short-form patent assignment document attached hereto as
Exhibit D upon Closing. For one hundred eighty (180) days after the Closing Date, Seller shall
further execute and deliver to Purchaser all other documents and instruments, to be prepared by
Purchaser, as Purchaser reasonably requests, in order for Purchaser to prosecute, perfect, record
and/or enforce any of the rights that are granted to it under this Agreement, promptly after
requested by Purchaser. If Purchaser is unable, after making reasonable inquiry, to obtain
Seller’s signature on any such documents, then if and only if such documents are reasonably
necessary due to Seller having previously been the assignee of record on the NK-1 Patents, Seller
hereby appoints Purchaser as Seller’s attorney-in-fact for the sole purpose of executing and
delivering such documents, which appointment is coupled with an interest.

SECTION 6.

CONDITIONS TO CLOSING

     6.1 Conditions Precedent to Obligations of Purchaser and Seller. The respective obligations
of Purchaser and Seller to consummate the Transactions on the Closing Date are
subject to the satisfaction or waiver (in accordance with Section 9.9) at or prior to the
Closing Date of the following conditions:

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          6.1.1 Litigation. No preliminary or permanent injunction or other order has been issued by
any court or by any other Governmental Authority which enjoins, restrains, prohibits or makes
illegal pursuant to applicable Law the Transactions on the Closing Date.

          6.1.2 Merger, FTC Consent. The Merger shall have been completed and Purchaser shall have been
approved by the FTC as an acceptable purchaser of the NK-1 Program and any consent or approval of
the Transaction by the FTC shall have been obtained.

          6.1.3 Consents. All other consents and approvals of any other Governmental Authorities, if
any, necessary to permit consummation of the Transactions shall have been obtained.

     6.2 Conditions Precedent to Purchaser’s Obligation. Purchaser’s obligations to consummate the
Transactions shall be subject to the fulfillment of each of the following additional conditions,
any one or more of which may be waived, at Purchaser’s sole discretion, in writing by Purchaser:

          6.2.1 Representations and Warranties. Each of the representations and warranties of Seller
contained in Section 3 shall be true and correct as of the Execution Date and as of the Closing
Date as though made on and as of the Closing Date; provided, however, that the condition in this
Section shall be deemed satisfied so long as any failure of such representations and warranties to
be true and correct has not, individually or in the aggregate had a Material Adverse Effect.

          6.2.2 Performance. Seller shall have performed and complied in all material respects with
each of the covenants, agreements and obligations Seller is required to perform under this
Agreement on or before the Closing.

          6.2.3 Officer’s Certificate. Purchaser shall have received a certificate executed by a duly
elected, qualified and acting officer of each Seller certifying to the satisfaction of the
conditions set forth in Sections 6.2.1 and 6.2.2.

          6.2.4 The BSAA Agreement. Seller shall have duly executed and delivered to Purchaser the BSAA
Agreement.

     6.3 Conditions Precedent to Seller’s Obligations. Seller’s obligation to consummate the
Transactions shall be subject to the fulfillment of each of the following additional conditions,
any one or more of which may be waived, at Seller’s sole discretion, in writing by Seller:

          6.3.1 Representations and Warranties. Each of the representations and warranties of Purchaser
contained in Section 4 shall be true and correct as of the Execution Date and as of the Closing
Date as though made on and as of the Closing Date.

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          6.3.2 Performance. Purchaser shall have performed and complied in all material respects with
each of the covenants, agreements and obligations Purchaser is required to perform under this
Agreement on or before the Closing.

          6.3.3 Officer’s Certificate. Seller shall have received a certificate executed by a duly
elected, qualified and acting officer of Purchaser certifying to the satisfaction of the conditions
set forth in Sections 6.3.1 and 6.3.2.

          6.3.4 The BSAA Agreement. Purchaser shall have duly executed and delivered the BSAA Agreement
to Seller.

SECTION 7.

OTHER COVENANTS

     7.1 Confidentiality.

          7.1.1 Seller and Purchaser acknowledge that they may and have received confidential or
proprietary information of the other Party in connection with the due diligence and consummation of
the Transactions and have entered into the Confidentiality Agreement which sets forth the Parties’
rights and responsibilities with respect to the Confidential Information disclosed by the
respective Parties. Upon the Execution Date, the Confidentiality Agreement shall expire and be of
no further force and effect and the obligations set forth in the Confidentiality Agreement shall be
superseded by the terms of this Section, provided, however, such expiration of the Confidentiality
Agreement shall in no way prejudice or adversely affect Seller’s or Purchaser’s ability to seek
damages, or any other remedy available to Seller or Purchaser, as appropriate, with respect to a
violation by such other Party (or its Affiliates or Representatives) of the Confidentiality
Agreement prior to the Execution Date.

          7.1.2 “Confidential Information” shall include know-how, scientific information, clinical
data, efficacy and safety data, adverse event information, formulas, methods and processes,
specifications, pricing information and other terms and conditions of sales, customer information,
NK-1 Program plans, and all other intellectual property relating to Seller’s and Purchaser’s NK-1
Program, and such other confidential and proprietary information which has been provided to the
other Party in contemplation of the Transactions, including information exchanged prior to the
Execution Date. Confidential Information disclosed by Seller in connection with the Transactions
is hereinafter referred to as “Seller Proprietary Information” and Confidential Information
disclosed by Purchaser in connection with the Transactions is hereinafter referred to as “Purchaser
Proprietary Information”. From and after the Closing Date, Purchaser Proprietary Information shall
also include all Confidential Information exclusively concerning the NK-1 Program, the Purchased
Assets and the Assumed Liabilities disclosed by Seller to Purchaser.

          7.1.3 From and after the Execution Date, all Purchaser Proprietary Information (including
Confidential Information exclusively concerning the NK-1 Program, the Purchased Assets and the
Assumed Liabilities disclosed by Seller to Purchaser) shall be used by Seller and its Affiliates
solely as required to perform its obligations, exercise or enforce their rights under this
Agreement (or the BSAA Agreement), or comply with applicable Law, and for no other
purpose. Seller shall not disclose, or permit the disclosure of, any of the Purchaser
Proprietary Information to any Person except those Persons to whom such disclosure is necessary to
permit Seller to perform its obligations, exercise or enforce its rights under this Agreement (or
the BSAA Agreement), or comply with applicable Law. Seller shall treat, and will cause its
Affiliates and the directors, officers, employees, agents, representatives and advisors of Seller
or any of its Affiliates to treat, the Purchaser Proprietary Information as confidential, using the
same degree of care as Seller normally employs to safeguard its own confidential information from
unauthorized use or disclosure, but in no event less than a reasonable degree of care.

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          7.1.4 From and after the Execution Date, all Seller Proprietary Information (which shall not
include Confidential Information exclusively concerning the NK-1 Program, the Purchased Assets and
the Assumed Liabilities disclosed by Seller to Purchaser), shall be used by Purchaser solely as
required to perform its obligations, exercise or enforce its rights under this Agreement (or the
BSAA Agreement), or comply with applicable Law, and for no other purpose. Purchaser shall not
disclose, or permit the disclosure of, any of the Seller Proprietary Information to any Person
except those Persons to whom such disclosure is necessary to permit
Purchaser to perform its
obligations, exercise or enforce its rights under this Agreement (or the BSAA Agreement), or comply
with applicable Law. Purchaser shall treat, and will cause its Affiliates and the directors,
officers, employees, agents, representatives and advisors of Purchaser or any of their Affiliates
to treat, the Seller Proprietary Information as confidential, using the same degree of care as
Purchaser normally employs to safeguard its own confidential information from unauthorized use or
disclosure, but in no event less than a reasonable degree of care.

          7.1.5 Purchaser acknowledges and agrees, that Seller (and its Affiliates) may retain one (1)
or more copies of all or part of the documentation (including written or electronic records, files,
manuals, filings, etc.), including any Purchaser Proprietary Information contained in such
documentation, that Seller delivered to Purchaser as part of the Purchased Assets, in accordance
with the provisions of and solely for the purposes set forth in this Section 7.1.

          7.1.6 In the event either Party is requested pursuant to, or required by, applicable Law to
disclose any of the other Party’s Confidential Information (i.e., Seller Proprietary Information or
Purchaser Proprietary Information, as applicable), it will notify the other Party in a timely
manner so that such Party may seek a protective order or other appropriate remedy or, in such
Party’s sole discretion, waive compliance with the confidentiality provisions of this Agreement.
Each Party will co-operate in all reasonable respects, in connection with any reasonable actions to
be taken for the foregoing purpose. In any event, the Party requested or required to disclose such
Confidential Information may furnish it as requested or required pursuant to applicable Law
(subject to any such protective order or other appropriate remedy) without liability under this
Agreement, provided that such Party furnishes only that portion of the Confidential Information
which such Party is advised by a reasoned opinion of its counsel is legally required, and such
Party exercises reasonable efforts to obtain reliable assurances that confidential treatment will
be accorded such Confidential Information.

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     7.2 Publicity. The Parties shall jointly agree upon the necessity and content of any press
release in connection with the Transactions. Any other publication, news release or other public
announcement by a Party relating to this Agreement or to the performance under this Agreement shall
first be reviewed and consented to in writing by the other Party; provided,
however, that notwithstanding any contrary term contained in the Confidentiality Agreement,
(i) any disclosure that is required by Law as advised by the disclosing Party’s counsel may be made
without the prior written consent of the other Party and (ii) any Party may issue a press release
or public announcement if the contents of such press release or public announcement have previously
been made public other than through a breach of this Agreement by the issuing Party, without the
prior written consent of the other Party. To the extent practicable, the disclosing Party shall
give at least three (3) Business Days advance notice of any such legally required disclosure to the
other Party, and such other Party may provide any comments on the proposed disclosure during such
period and if not practicable, such lesser practicable period, if any. Notwithstanding any
contrary term contained in the Confidentiality Agreement, to the extent that either Party
determines that it or the other Party is required to file or register this Agreement, a summary
thereof or a notification thereof to comply with the requirements of an applicable stock exchange
or any Governmental Authority, including without limitation the SEC, such Party shall give at least
three (3) Business Days advance written notice of any such required disclosure to the other Party.
Prior to making any such filing, registration or notification, the Parties shall consult with
respect thereto regarding confidentiality. The Parties shall cooperate, each at its own expense,
in such filing, registration or notification, including without limitation such confidential
treatment request, and shall execute all documents reasonably required in connection therewith.

     7.3 Availability of Records. After the Closing, in connection with Tax matters, governmental
contracts, litigation or potential litigation, each as it relates to the NK-1 Compounds, NK-1
Program, Purchased Assets or Assumed Liabilities, Seller, on the one hand, and Purchaser, on the
other hand, shall make available to the other Party and its Affiliates and Representatives during
normal business hours when reasonably requested, all NK-1 Records and Retained Information in its
possession and shall preserve all such information, records and documents until the later of: (i)
**** after the Closing; (ii) the expiration of all statutes of limitations for assessing or
collecting Taxes for periods ending on or prior to the Closing and periods including the Closing
Date, including extensions thereof applicable to Seller or Purchaser; or (iii) the required
retention period under any applicable Laws for all such information, records or documents (it being
understood that the Parties shall not be required to provide any Tax Returns to any Person, other
than as required by applicable Laws). Purchaser and Seller shall also make available to each other
during normal business hours, when reasonably requested, personnel responsible for preparing or
maintaining information, records and documents, in connection with Tax matters, governmental
contracts, litigation or potential litigation, each as it relates to the NK-1 Compounds, NK-1
Program, Purchased Assets or Assumed Liabilities prior to the Closing Date (with respect to Seller)
or from and after the Closing Date (with respect to Purchaser), including product liability and
general insurance liability.

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     7.4 Regulatory Matters.

          7.4.1 From and after the Closing Date, Purchaser, ****, shall be responsible for taking all
actions, paying all fees (if any) and conducting all communication with the appropriate
Governmental Authority required by Law in respect of the Regulatory Filings, including preparing
and filing all reports (including adverse events) with the appropriate Governmental Authority.

          7.4.2 From and after the Closing, Purchaser, ****, shall be responsible for taking all actions
and conducting all communication with Governmental Authorities with respect to NK-1 Compounds sold
pursuant to the Regulatory Filings, including responding to all complaints in respect thereof,
including complaints related to tampering or contamination, and investigating all complaints and
adverse events with respect to NK-1 Compounds sold pursuant to the Regulatory Filings.

     7.5 Tax Matters. Purchaser shall be solely responsible for all sales, use, transfer and other
related taxes, if any, arising out of the transfer by the Seller and its Affiliates of the
Purchased Assets to Purchaser pursuant to this Agreement, provided that Purchaser shall not be
responsible for any tax payable on any income or gain of Seller. Seller and Purchaser shall
cooperate in preparing and timely filing all Tax Returns and other documentation relating to such
Transfer Taxes as may be required by applicable Tax Law.

     7.6 Post-Closing Cooperation. Purchaser and Seller shall cooperate with each other, and shall
cause their officers, employees, agents, auditors, and representatives to cooperate with each
other, for a period necessary to fulfill the Term of Technical Transfer Services as described in
Section 2.5.4 of this Agreement, to ensure the orderly transition of the NK-I Program from Seller
to Purchaser and to minimize any disruption to the NK-l Program, including without limitation
reasonable assistance in connection with Purchaser’s efforts to conduct development work under the
Regulatory Filings.

     7.7 ****. Seller, its successors and assigns, covenants to Purchaser that: ****.

     7.8 Periodic Reporting. Purchaser shall submit to the FTC and to any interim trustee
appointed pursuant to the Consent Order any and all periodic reports required by Purchaser pursuant
to the Consent Order.

     7.9 Rescission. In the event that the Merger is completed pursuant to a provisional consent
decree with the FTC and the FTC subsequently withdraws or conditions its final approval of such
provisional consent decree in a manner which requires the rescission of this Agreement as a
condition of its final approval of such provisional consent decree, Seller shall have the right to
require that the Transactions be rescinded and this Agreement be terminated. If Seller elects to
rescind the Transactions (i) Seller shall refund to Purchaser the Purchase Price plus interest from
the Closing Date to the date of rescission at a floating rate equal to the Prime Rate, (ii) Seller
shall promptly reimburse Purchaser for reasonable out-of-pocket expenses incurred by Purchaser in
connection with this Agreement, the Transactions, and the NK-1 Program, and (iii) Purchaser shall
(at Seller’s expense) promptly take all necessary steps to return title to and possessions of the
Purchased Assets to Seller. The benefits and liabilities
attributable to ownership and operation of the Purchased Assets from and after the Closing
Date to the date of rescission, if any, shall accrue to the Purchaser.

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     7.10 Additional Information. ****

     7.11 Supply. ****

          (iv) Purchaser hereby grants to Seller a royalty-free, non-exclusive, transferable and
sublicensable license to NK-1 Intellectual Property, Retained Information and Retained Intellectual
Property solely for the purpose of and to the **** Rolapitant NK-l Compound ****; and

          (v) Purchaser hereby agrees to promptly provide to Seller copies of such NK- 1 Records or
other Confidential Information **** the Rolapitant NK-l Compound for Purchaser hereunder.
Purchaser further agrees that Seller’s use of such NK-l Records or other Confidential Information
**** hereunder shall not be the basis for any claim of a breach of the confidentiality provisions
hereunder or under the terms of the Consent Order.

          ****.

SECTION 8.

SURVIVAL AND INDEMNIFICATION

     8.1 Survival of Representations. The representations and warranties contained in this
Agreement, the certificates delivered by Seller and Purchaser pursuant to Section 2.11.1(b) and
2.11.2(c), respectively, shall survive the Closing and remain in full force and effect until the
**** anniversary of the Closing Date; provided, however, that if notice of any claim for
indemnification pursuant to Section 8.2 or Section 8.3 shall have been given prior to the first
anniversary of the Closing Date, the relevant representations and warranties shall survive for
purposes of such claim until such time as such claim is finally resolved.

     8.2 Indemnification by Seller. Seller shall indemnify Purchaser and its Affiliates and their
respective, officers, directors, employees, stockholders, agents and Representatives against, and
hold them harmless from, any Losses, to the extent arising from:

          8.2.1 any breach of any representation or warranty of Seller contained in this Agreement or
the certificate delivered by Seller pursuant to Section 2.11.1(b);

          8.2.2 any breach of any covenant of Seller contained in this Agreement;

          8.2.3 any Excluded Liabilities; and

          8.2.4 any fees, expenses or other payments incurred or owed by Seller to any brokers,
financial advisors or comparable other Persons retained or employed by it in connection with the
Transactions.

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     8.3 Indemnification by Purchaser. Purchaser shall indemnify Seller and its Affiliates and
their respective officers, directors, employees, stockholders, agents and Representatives against,
and agrees to hold them harmless from, any Losses, to the extent arising from:

          8.3.1 any breach of any representation or warranty of Purchaser contained in this Agreement or
the certificate delivered by Purchaser pursuant to Section 2.11.2(c);

          8.3.2 any breach of any covenant of Purchaser contained in this Agreement;

          8.3.3 any Assumed Liability; and

          8.3.4 any fees, expenses or other payments incurred or owed by Purchaser to any brokers,
financial advisors or other comparable Persons retained or employed by it in connection with the
Transactions.

     8.4 Procedures. In order for a Party (the “Indemnified Party”) to be entitled to any
indemnification provided for under this Agreement in respect of, arising out of or involving a
claim made by any Person against the Indemnified Party (a “Third Party Claim”), such Indemnified
Party must notify the indemnifying party (the “Indemnifying Party”) in writing (and in reasonable
detail) of the Third Party Claim within fifteen (15) Business Days after receipt by such
Indemnified Party of notice of the Third Party Claim; provided, however, that failure to give such
notification shall not affect the indemnification provided under this Agreement except to the
extent the Indemnifying Party shall have been actually prejudiced as a result of such failure
(except that the Indemnifying Party shall not be liable for any expenses incurred during the period
in which the Indemnified Party failed to give such notice). Thereafter, the Indemnified Party
shall deliver to the Indemnifying Party, within five (5) Business Days’ after the Indemnified
Party’s receipt thereof, copies of all notices and documents (including court papers) received by
the Indemnified Party relating to the Third Party Claim.

          8.4.1 If a Third Party Claim is made against an Indemnified Party, the Indemnifying Party
shall be entitled to participate in the defense thereof and, if it so chooses, to assume the
defense thereof with counsel selected by the Indemnifying Party. If the Indemnifying Party assumes
such defense, the Indemnified Party shall have the right to participate in the defense thereof and
to employ counsel, at its own expense, separate from the counsel employed by the Indemnifying
Party, it being understood that the Indemnifying Party shall control such defense. The
Indemnifying Party shall be liable for the reasonable fees and expenses of counsel employed by the
Indemnified Party for any period during which the Indemnifying Party has not assumed the defense
thereof (other than during any period in which the Indemnified Party shall have failed to give
notice of the Third Party Claim as provided above). If the Indemnifying Party chooses to defend or
prosecute a Third Party Claim, all Indemnified Parties shall cooperate in the defense or
prosecution thereof. Such cooperation shall include the retention and (upon the Indemnifying
Party’s request) the provision to the Indemnifying Party of records and information that are
reasonably relevant to such Third Party Claim, and making employees and Representatives available
on a mutually convenient basis to provide additional information and explanation of any material
provided under this Agreement or other matters reasonably related to such Third Party Claim.
Whether or not the Indemnifying Party assumes the defense of a Third Party Claim, the Indemnified
Party shall not admit any liability with respect to, or settle,
compromise or discharge, such Third Party Claim without the Indemnifying Party’s prior written
consent (which consent shall not be unreasonably withheld). If the Indemnifying Party assumes the
defense of a Third Party Claim, the Indemnified Party shall agree to any settlement, compromise or
discharge of a Third Party Claim that the Indemnifying Party may recommend and that by its terms
obligates the Indemnifying Party to pay the full amount of the Losses in connection with such Third
Party Claim, which releases the Indemnified Party completely in connection with such Third Party
Claim and that would not otherwise materially adversely affect the Indemnified Party.

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          8.4.2 In the event any Indemnified Party should have a claim against any Indemnifying Party
under Section 8.2 or 8.3 that does not involve a Third Party Claim being asserted against or sought
to be collected from such Indemnified Party, the Indemnified Party shall deliver notice of such
claim with reasonable promptness to the Indemnifying Party, but in any event not later than fifteen
(15) Business Days after the Indemnified Party determines that it has or could have a claim to
indemnification under this Agreement, stating the amount of Loss, if known, and method of
computation thereof, and containing a specific reference to the provisions of this Agreement in
respect of which such right of indemnification is claimed or arises. The failure by any
Indemnified Party so to notify the Indemnifying Party shall not relieve the Indemnifying Party from
any indemnification obligation that it may have to such Indemnified Party under Section 8.2 or 8.3,
as applicable, except to the extent that the Indemnifying Party is prejudiced by such failure. If
the Indemnifying Party disputes that it has an indemnification obligation with respect to such
claim, the Indemnifying Party shall deliver notice of such dispute with reasonable promptness and
the Indemnifying Party and the Indemnified Party shall proceed in good faith to negotiate a
resolution of such dispute for a period of thirty (30) days following the receipt by the
Indemnified Party of such dispute notice. If the Indemnified Party and the Indemnifying Party have
not resolved such dispute during such time period through good faith negotiations, such dispute
shall be resolved by litigation in an appropriate court of competent jurisdiction or other mutually
agreeable non-judicial dispute resolution mechanism.

     8.5 Certain Limitations on Indemnification Obligations. ****

     8.6 Sole Remedy. Except as otherwise specifically provided in this Agreement or in the BSAA
Agreement, each of the Parties acknowledge and agree that its sole and exclusive remedy after the
Closing with respect to any and all claims and causes of action under or that are reasonably
related to this Agreement, the Transactions, the NK-1 Program, the Purchased Assets and the Assumed
Liabilities (other than claims of, or causes of action arising from, fraud, other tortious acts, or
relating to breaches of covenants requiring performance after the Closing Date) shall be pursuant
to the indemnification provisions set forth in this Section 8. In furtherance of the foregoing,
each of the Parties hereby waives, from and after the Closing, to the fullest extent permitted
under applicable Law, any and all rights, claims and causes of action under or that are reasonably
related to this Agreement, the Transactions, the NK-1 Program, the Purchased Assets and the Assumed
Liabilities (other than claims of, or causes of action arising from, fraud, other tortious acts, or
relating to breaches of covenants requiring performance after the Closing Date) it may have against
any other Party arising under or based upon any applicable Law or arising under or based upon
common law or otherwise (except pursuant to the indemnification provisions set forth in Section 8.2
or 8.3, as applicable).

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     8.7 Limitation on Liability. EXCEPT WITH RESPECT TO THIRD PARTY CLAIMS, THE INDEMNIFICATION
OBLIGATIONS OF THE PARTIES SHALL NOT EXTEND TO INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES,
INCLUDING NK-1 PROGRAM INTERRUPTION, LOST PROFITS, LOSS OF USE, DAMAGE TO GOODWILL OR LOSS OF THE
NK-1 PROGRAM.

SECTION 9.

MISCELLANEOUS

     9.1 Assignment; Binding Effect. This Agreement shall be binding upon and inure to the benefit
of the Parties and their respective successors and assigns; provided, however, that neither party
may assign this Agreement without the prior written consent of the other party hereto, except that
either party may assign its rights and obligations under this Agreement to an Affiliate without
such consent.

     9.2 No Third Party Beneficiaries. This Agreement is solely for the benefit of the Parties and
their respective Affiliates and no provision of this Agreement shall be deemed to confer upon any
Third Parties any remedy, claim, liability, reimbursement, claim of action or other right in excess
of those existing without reference to this Agreement.

     9.3 Expenses. Except as otherwise specified in this Agreement, and regardless of whether or
not the Transactions are consummated, each Party shall bear its own expenses with respect to the
Transactions.

     9.4 Notices. All notices, requests, claims, demands and other communications under this
Agreement shall be in writing and shall be deemed to have been duly given (a) when received, if
delivered personally, (b) when transmitted, if telecopied (which is confirmed), (c) upon receipt,
if sent by registered or certified mail (postage prepaid, return receipt requested) and (d) the day
after it is sent, if sent for next-day delivery to a domestic address by overnight mail or courier,
to the Parties at the following addresses:

          If to Seller, to:

			
	     	 	Schering-Plough Corporation

2000 Galloping Hill Road

Kenilworth, NJ 07033

Attn: Senior Vice President, Business Development

Facsimile: 908-298-7044

          with a copy sent concurrently to:

			
	     	 	Schering-Plough Corporation

2000 Galloping Hill Road

Kenilworth, NJ 07033

Attn: Group Vice President & Associate General Counsel,

Global Human Pharmaceuticals

Facsimile: 908-298-7303

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          If to Purchaser, to:

			
	     	 	OPKO Health, Inc.

4400 Biscayne Blvd.

Miami, FL 33137
Attn: Jamie Freedman, Executive Vice President of R&D and Business Development

Facsimile: 305-575-6444

          With a copy sent concurrently to:

			
	     	 	OPKO Health, Inc.

4400 Biscayne Blvd.

Miami, FL 33137

Attn: Kate Inman, Deputy General Counsel

Facsimile: 305-575-4140

     provided, however, that if any Party shall have designated a different address by notice to
the others, then to the last address so designated.

     9.5 Governing Law. This Agreement (including any claim or controversy arising out of or
relating to this Agreement) shall be governed by the laws of the State of Delaware without regard
to conflict of law principles.

     9.6 Dispute Resolution.

          9.6.1 The Parties shall attempt in good faith to resolve any dispute arising out of or
relating to this Agreement promptly by negotiation between executives who have authority to settle
the controversy and who are at a higher level of management than the persons with direct
responsibility for administration of this Agreement. Any Party may give the other Parties written
notice of any dispute not resolved in the normal course of business. Within ten (10) days after
delivery of the notice, the receiving Party shall submit to the other Party a written response.
The notice and response shall include: (a) a statement of that Party’s position and a summary of
arguments supporting that position, and (b) the name and title of the executive who will represent
that Party and of any other person who will accompany the executive. Within thirty (30) days after
delivery of the initial notice, the executives of both Parties shall meet at a mutually acceptable
time and place, and thereafter as often as they reasonably deem necessary, to attempt to resolve
the dispute. All reasonable requests for information made by one Party to the other Party will be
honored. All negotiations pursuant to this Section are confidential and shall be treated as
compromise and settlement negotiations for purposes of applicable rules of evidence.

          9.6.2 Except for disputes concerning non-payment of a development milestone payment when due
(which are not subject to the remainder of this Section 9.6), if a dispute has not been resolved by
negotiation as provided in Section 9.6.1 within forty-five (45) days after delivery of the initial
notice of negotiation, or if the parties failed to meet within thirty (30) days after delivery, the
Parties shall endeavor to settle the dispute by mediation under the CPR Mediation Procedure then
currently in effect, provided, however, that if one Party fails to participate in the negotiation
as provided in this Section, the other Party can initiate mediation
prior to the expiration of the forty-five (45) day period. Unless otherwise agreed, the
Parties will select a mediator from the CPR Panels of Distinguished Neutrals.

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          9.6.3 Each Party will bear its own cost of mediation, including any counsel fees; provided,
however, the cost charged by any independent Third Party mediator will be shared equally by the
Parties. In the mediation, each Party shall be represented by a business person fully authorized
to negotiate and settle the dispute and may also be represented by counsel.

          9.6.4 Any dispute which has not been resolved by mediation as provided in Section 9.6.2 within
forty-five (45) days after initiation of the mediation procedure shall be finally resolved by
arbitration in accordance with the CPR Rules for Non-Administered Arbitration then currently in
effect by a sole arbitrator; provided, however, that if one Party fails to participate in either
the negotiation or mediation as provided in Section 9.6.1 or 9.6.2, the other Parties can commence
arbitration prior to the expiration of the time periods set forth above. The arbitration shall be
governed by the Federal Arbitration Act, 9 U.S.C. §§1 et seq., and judgment upon the award rendered
by the arbitrator(s) may be entered by any court having jurisdiction thereof.

     9.7 Injunctive Relief. Notwithstanding anything to the contrary in this Agreement, either
Party will have the right to seek temporary injunctive relief in any court of competent
jurisdiction as may be available to such Party under the laws and rules applicable in such
jurisdiction with respect to any matters arising out of the other Party’s performance of its
obligations under this Agreement. Either Party agrees that in the event the other Party institutes
an appropriate Action seeking injunctive/equitable relief for specific performance under this
Agreement, the Party seeking such relief shall not be required to provide the other Party with
service of process of a complaint and summons under the procedures set forth in any non-United
States judicial process or system. Under such circumstances, the Party seeking such relief need
only provide the other Party with two copies of a true, correct and lawfully issued summons and
complaint, via overnight mail (next day delivery).

     9.8 Termination. Without prejudice to other remedies which may be available to the Parties by
Law or this Agreement, this Agreement may be terminated at any time prior to the Closing Date:

          9.8.1 by the mutual written consent of the Parties;

          9.8.2 by the Purchaser by written notice to the Seller if the Closing has not occurred on or
prior to **** after the Execution Date, provided that the failure of the Closing to occur by such
date is not attributable in whole or in part to a failure of the Purchaser to fulfill any of its
obligations under this Agreement;

          9.8.3 by any Party, by written notice to the other Parties if a court of competent
jurisdiction or governmental, regulatory or administrative agency or commission shall have issued
an order, decree or ruling or taken any other action, in each case permanently restraining,
enjoining or otherwise prohibiting the transactions contemplated by this Agreement, and such order,
decree, ruling or other action shall have become final and nonappealable; or

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          9.8.4 by any Party, if the FTC shall have disapproved of this Agreement or the Parties hereto
at any time.

     9.9 Effect of Termination. In the event of termination of this Agreement pursuant to Section
9.8, this Agreement shall forthwith become null and void and there shall be no liability on the
part of any Party, or any Party’s Affiliates, with respect to this Agreement, except that such a
termination shall not preclude any party from suing any other party for breach of this Agreement.
The following Sections shall survive any termination of this Agreement: Section 1, Section 7.1,
Section 7.2, Section 7.3 and Section 9.2 which shall remain in full force and effect.

     9.10 Amendments; Entire Agreement. This Agreement may not be amended, supplemented or
otherwise modified except by an instrument in writing signed by all of the Parties. This
Agreement, the BSAA Agreement and the Confidentiality Agreement contain the entire agreement of the
Parties with respect to the Transactions, superseding all negotiations, prior discussions and
preliminary agreements made prior to the Closing Date.

     9.11 Waiver. The failure of any Party to enforce any condition or part of this Agreement at
any time shall not be construed as a waiver of that condition or part, nor shall it forfeit any
rights to future enforcement thereof.

     9.12 Severability. If any term, provision, covenant or restriction of this Agreement is held
by a court of competent jurisdiction or other authority to be invalid, void, unenforceable or
against its regulatory policy, such determination shall not affect the enforceability of any others
or of the remainder of this Agreement.

     9.13 Schedules. Purchaser agrees that any disclosure by Seller in any Schedule attached to
this Agreement shall not establish any threshold of materiality or concede the materiality of any
matter or item disclosed.

     9.14 Construction. The language in all parts of this Agreement shall be construed, in all
cases, according to its fair meaning. The Parties acknowledge that each Party and its counsel have
reviewed and revised this Agreement and that any rule of construction to the effect that any
ambiguities are to be resolved against the drafting Party shall not be employed in the
interpretation of this Agreement.

     9.15 Headings. The headings of the Sections of this Agreement are inserted for convenience
only and shall not be deemed to constitute a part of this Agreement.

     9.16 Counterparts. This Agreement may be executed manually or by facsimile by the Parties, in
any number of counterparts, each of which shall be considered one and the same agreement and shall
become effective when a counterpart of this Agreement shall have been signed by each of the Parties
and delivered to the other Party.

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IN WITNESS WHEREOF, the Parties have caused this Asset Purchase Agreement to be executed by their
respective duly authorized representatives as of the date first above written.

	 	 	 	 	 
	 	SCHERING CORPORATION

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	OPKO HEALTH, INC.

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

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