UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of Earliest Event Reported): | December 16, 2010 |
Martek Biosciences Corporation
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(Exact name of registrant as specified in its charter)
| Delaware | 0-22354 | 52-1399362 |
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_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
| 6480 Dobbin Road, Columbia, Maryland | 21045 | |
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_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
| Registrant’s telephone number, including area code: | 410-740-0081 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On December 16, 2010, Martek Biosciences Corporation ("Martek") entered into an amendment (the "Amendment") to its Supply Agreement effective January 1, 2007 (the "Supply Agreement") with Abbott Nutrition ("Abbott").
Prior to the Amendment, the Supply Agreement provided Abbott with a right of early termination beginning January 1, 2012. The Amendment eliminates this early termination provision and as a result, Martek will continue as the global sole-source supplier of DHA (docosahexaenoic acid) and ARA (arachidonic acid) for all Abbott infant formula products through December 31, 2016. The Amendment grants Abbott certain limited termination rights as well as the option to extend the Supply Agreement for two additional one year periods, which could extend the term of the Supply Agreement through December 31, 2018. Under the terms of Amendment, Martek will provide Abbott with certain graduated price reductions over the remaining term of the Supply Agreement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Martek Biosciences Corporation | ||||
| December 17, 2010 | By: |
/s/ Peter L. Buzy
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| Name: Peter L. Buzy | ||||
| Title: Chief Financial Officer, Treasurer and Executive Vice President for Finance and Administration | ||||