Termination Agreement Letter between Mikart, Inc. and TEAMM Pharmaceuticals, Inc. (October 27, 2006)
Mikart, Inc. and TEAMM Pharmaceuticals, Inc. have mutually agreed to terminate their Manufacturing and Supply Agreement, originally dated June 6, 2003. As of October 27, 2006, both parties are released from all obligations under the agreement, except for certain specified sections that will continue to apply. The termination is effective immediately upon signing by both parties' representatives.
Exhibit 10.123
[Mikart, Inc. Letterhead]
October 27, 2006
TEAMM Pharmaceuticals, Inc.
3000 Aerial Center Parkway
Suite 110
Morrisville, North Carolina 27560
| Attn: | Martin G. Baum, |
President and Chief Executive Officer
| Re: | Manufacturing and Supply Agreement, dated as of |
| June 6, 2003 (the “Agreement”), between Mikart, Inc. |
| (“Mikart”) and TEAMM Pharmaceuticals, Inc. (“TEAMM”) |
Dear Martin:
By executing this letter below, Mikart and TEAMM hereby terminate the Agreement effective as of the date hereof. Notwithstanding anything in the Agreement to the contrary, neither party shall have any further obligation thereunder to the other, except with respect to Sections 2.3, 3.2, 3.3(f), 8.1, 10.1 and 13.10 thereof (all of which shall survive the termination of the Agreement).
Please indicate your agreement with the foregoing terms by executing this letter in the space provided below.
| Very truly yours, | ||
| MIKART, INC. | ||
| By: | /s/ Miguel I. Arteche | |
| Miguel I. Arteche, Chairman and | ||
| Chief Executive Officer | ||
Agreed:
| TEAMM PHARMACEUTICALS, INC. | ||
| By: | /s/ Nicholas J. Leb | |
| Nicholas J. Leb | ||
| Vice President, Finance | ||
