Insys Therapeutics’ transition services agreement further extended

By Caroline Salls

Pittsburgh, Feb. 5 – Insys Therapeutics, Inc. obtained a second extension of its transition services agreement with Benuvia Therapeutics Inc., formerly Chilion Group Holdings US, Inc., according to an 8-K filed Wednesday with the Securities and Exchange Commission.

Under the agreement, Insys makes some of its employees available to Benuvia to provide transition services in consideration for Benuvia’s payment of fees at an amount to Insys’s total cost plus a 7.5% mark-up.

A previous amendment extended the term of the transition services agreement to Jan. 31 from Dec. 31 and said Benuvia would be solely responsible for all costs and expenses associated with the Insys employees.

Under the second amendment signed on Jan. 30, the agreement was extended to the earlier of the date on which all powers of attorney that are required for Benuvia to operate Insys’s existing manufacturing and analytical laboratory registrations issued by the Drug Enforcement Administration and applicable state agencies have taken effect and the date Benuvia obtains all necessary approvals from governmental entities.

Benuvia is still solely responsible for all employee costs and expenses under the second amendment.

Insys is a specialty pharmaceutical company based in Phoenix. The company filed bankruptcy on June 10, 2019 in the U.S. Bankruptcy Court for the District of Delaware under Chapter 11 case number 19-11292.

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