Fedson, Inc. entered into an agreement to acquire Certain ProNeura Assets of Titan Pharmaceuticals, Inc. (NasdaqCM:TTNP) for $52 million on July 26, 2023. Under the terms of the Agreement, Fedson will purchase the ProNeura assets from Titan for an upfront purchase price of $2 million ($1 million at closing, $1 million to be held in escrow pending completion of certain conditions) with potential milestone payments to Titan of up to $50 million on future net sales of the products. Titan would also receive single digit royalties on future net sales of the products.

Additionally, Fedson will assume all liabilities related to a pending employment claim against Titan. The transaction is expected to close 10 days following signing of the Agreement.