Durect announces sale of Alzet line of osmotic pumps to LIC for $17.5M

Durect (DRRX) announced the sale of its Alzet line of osmotic pumps to Lafayette Instrument, or LIC, a portfolio company of Branford Castle Partners II, a North-American focused private equity firm. Under the terms of the agreement, LIC paid Durect $17.5M in exchange for certain assets and liabilities associated with the Alzet product line. Simultaneous with this transaction, Durect has paid off all remaining obligations under the term loan agreement with Oxford Finance. Aquilo Partners acted as financial advisor and Wilson, Sonsini, Goodrich & Rosati acted as legal advisor to Durect.