Adamis, 3M deal

Adamis will acquire exclusive, worldwide rights to use 3M's Taper Dry Powder Inhaler (DPI) technology in all indications in the dry powder inhalation field. Adamis plans to use the technology, which stores APIs on a microstructured carrier tape, to develop a branded generic version of Advair fluticasone propionate/salmeterol from GlaxoSmithKline plc (LSE:GSK; NYSE:GSK, London, U.K.) for chronic obstructive pulmonary disease (COPD) and asthma. 3M received $3 million for a license through Dec. 31. Full ownership of the technology will be transferred after Adamis pays a $7 million closing payment by Dec. 31.

If Adamis has not made the closing payment by Dec. 15, 3M can elect to accept payment by delivery of a number of shares of Adamis common stock equal to $14 million divided by the average of the closing prices of the Adamis common stock for the 30 trading days preceding the business day before the closing date. If the closing does not occur, the exclusive license converts to a non-exclusive license and 3M can enter into any transaction involving the technology with any third party. ...