Eton Pharmaceuticals: enters license for LIBERVANT, pays $10,000,000

What happened On Oct 13, 2026, Eton Pharmaceuticals, Inc. entered into a license agreement with Aquestive Therapeutics, Inc. under which Eton acquired 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 says the Product has received tentative approval from the U.S. Food and Drug Administration for the acute treatment of intermittent, stereotypic episodes of frequent seizure activity that are distinct from a patient’s usual seizure pattern in patients with epilepsy 2 to 5 years of age and ages 12 and older. In connection with the License Agreement, the Company also entered into a supply agreement with Aquestive under which Aquestive will serve as the exclusive manufacturer and supplier of the Product.

Key details

• Eton paid an upfront license fee of $10,000,000 to Aquestive.
• The Company may pay up to $47,500,000 in additional regulatory and commercial milestones: $10,000,000 upon first U.S. commercial sale (reduced to $5,000,000 if full FDA approval permitting sale for ages 2 to 5 has not been received), $2,500,000 upon FDA approval for ages 6 to 11, and up to $35,000,000 tied to certain annual net sales levels.
• Eton will pay royalties on annual net sales at a mid-teens percentage rate.
• The Supply Agreement has an initial term of 20 years and will automatically extend for successive three-year periods unless either party gives at least two years’ notice prior to the end of a term.

Why it may matter The filing reports Item 1.01 (entry into a material definitive agreement), which covers the license and supply agreements with Aquestive for U.S. commercialization and manufacture of LIBERVANT. A filing does not show why the insider traded or why the company acted.