Annual report pursuant to Section 13 and 15(d)

Related-Party Transactions

v3.20.4
Related-Party Transactions
12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
Related-Party Transactions Related-Party TransactionsThe outstanding amount payable to ILJIN, an affiliated shareholder, is the result of a settlement completed on September 20, 2013 between ILJIN and the Company. Per the terms of the settlement agreement, payments of up to $10.0 million may be payable and are based on the achievement of pre-defined clinical milestones related to LUPKYNIS and marketing milestones related to DES. During 2019, Aurinia paid ILJIN $100 thousand, upon the achievement of a specific milestone. Previously, in 2017 the Company paid ILJIN $2.2 million upon the achievement of two specific milestones. These payments reduced the original $10.0 million contingent consideration to $7.8 million. A liability was recorded in the amount of $6.0 million on December 31, 2019 related to these milestones as it was determined that achievement of regulatory approval and sales
milestones were probable. The remaining milestones of $1.8 million are related to the discontinued DES program and are not considered probable of achieving.
The amount payable to ILJIN was $6.0 million recorded in other liabilities for the years ended December 31, 2020 and December 31, 2019 and $600 thousand for the year ended December 31, 2018.
Stephen P. Robertson, a partner at Borden Ladner Gervais (BLG) acted as our corporate secretary through October 2020. We incurred legal fees in the normal course of business to BLG of $392 thousand for the year ended December 31, 2020 compared to $473 thousand for the same period in 2019. For the year ended December 31, 2020, we had no ongoing contractual or other commitments as a result of engaging Mr. Robertson to act as our corporate secretary and Mr. Robertson received no additional compensation for acting as the corporate secretary. On November 2, 2020 we announced the appointment of Stephen Robertson as our Executive Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer.