FirstAmendment to Agreement and Plan of Merger
Exhibit 10.1
First Amendment to Agreement and Plan of Merger
This First Amendment to Agreement and Plan of Merger (First Amendment) is entered into as of June 12, 2007 by and among Sciele Pharma, Inc., a Delaware corporation (the Parent), SP Acquisition Corp., a Georgia corporation (the Merger Sub), Alliant Pharmaceuticals, Inc., a Georgia corporation (the Company), the Shareholders of the Company and John N. Kapoor, Ph.D., as representative of the Company and the Shareholders (the Shareholder Representative) and amends the Agreement and Plan of Merger entered into by such parties on April 24, 2007 (the Merger Agreement).
Capitalized terms not otherwise defined in this First Amendment shall have meaning given to them in the Merger Agreement.
Recitals
Due to certain developments impacting the business of the Company, the Parties have agreed to adjust the Purchase Price and the Performance Payment algorithm so as to reflect the adjusted value of the Company resulting from such developments.
Now therefore, in consideration of the mutual representations, warranties, covenants and agreements herein contained, and upon and subject to the terms and the conditions hereinafter set forth, the parties do hereby agree as follows:
1. Section 3.1 shall be amended by replacing $122,250,000 with $109,750,000.
2. Section 2 of Exhibit 7.18 (Performance Payment) shall be amended by replacing $2.78 with$3.61 and by replacing $25,000,000 with $32,500,000.
3. Except as expressly amended hereby, the Merger Agreement shall remain and continue in full force and effect in accordance with its terms.
4. This Amendment shall be governed by Article XII (Miscellaneous Provisions) of the Merger Agreement, which such Article XII is incorporated herein by this reference and made an operative part of this Amendment.
[Signatures on Following Page]
In witness whereof, the Parties have caused this Agreement to be duly executed, as of the date first above written.
PARENT: |
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| SCIELE PHARMA, INC. |
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| By: | /s/ Patrick Fourteau |
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| Name: | Patrick Fourteau |
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| Title: | President and CEO |
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| MERGER SUB: |
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| By: | /s/ Darrell Borne |
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| Name: | Darrell Borne |
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| Title: | Secretary |
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| COMPANY: |
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| ALLIANT PHARMACEUTICALS, INC. |
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| By: | /s/ Mark Pugh |
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| Name: | Mark W. Pugh |
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| Title: | President |
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| SHAREHOLDER REPRESENTATIVE: |
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| /s/ John Kapoor |
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| John N. Kapoor, Ph.D. |
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| SHAREHOLDERS |
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| /s/ John Kapoor |
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| By John N. Kapoor, Ph.D., as attorney-in-fact for each Shareholder pursuant to Section 12.1 of the Merger Agreement |
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