Aquestive Therapeutics: licenses LIBERVANT to Eton; $10,000,000 upfront

What happened

• On Oct 13, 2026, Aquestive Therapeutics, Inc. entered into a license agreement with Eton Pharmaceuticals, Inc. granting Eton exclusive U.S. rights to commercialize LIBERVANT® (diazepam) buccal film for the acute treatment of seizure clusters in patients with epilepsy, subject to applicable regulatory approvals.
• The filing states the Product has received tentative approval from the U.S. Food and Drug Administration for treatment in patients with epilepsy 2 to 5 years of age and ages 12 and older. Aquestive reported it received an upfront license fee of $10,000,000 and is entitled to additional payments and royalties.

Key details

• Upfront license fee: $10,000,000 received from Eton.
• Milestones: up to $47,500,000 in aggregate, including $10,000,000 upon first U.S. commercial sale (reduced to $5,000,000 if full FDA approval for ages 2–5 is not received), $2,500,000 upon FDA approval for ages 6–11, and up to $35,000,000 tied to U.S. annual net sales levels.
• Royalties: mid‑teens percentage rate on annual net sales payable by Eton to Aquestive.
• Supply agreement: Aquestive will be the exclusive manufacturer and supplier to Eton, initial term of 20 years, with automatic three‑year extensions unless either party notifies the other at least two years before term end.

Why it may matter

• Item reported: Item 1.01 — entry into a material definitive agreement covering a license of U.S. commercialization rights to Eton and a supply agreement establishing manufacturing and payment terms.
  This filing does not show why the insider traded or why the company acted.