Retrophin To Divest Non-Core Assets To Turing Pharma - Quick Facts

(RTTNews) - Retrophin Inc. (RTRX) announced that it has reached an agreement to divest non-core assets ketamine, Syntocinon Nasal Spray (oxytocin), and Vecamyl (mecamylamine HCI tablets) to Turing Pharmaceuticals.

As per the terms of the agreement, Turing Pharmaceuticals will pay Retrophin a $3 million upfront payment and assume all liabilities and future milestone payments related to these products. The transaction is subject to specified conditions to closing and consents.

Also as part of the agreement, Retrophin founder Martin Shkreli has resigned from the Company's Board of Directors and his employment agreement has been terminated, effective immediately.

The divestment is expected to close by the end of the first quarter of 2015.