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Filing Details

Accession Number:: 0001567619-19-013856
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2019-06-24 14:12:39
Reporting Period:: 2019-06-20

Accepted Time:: 2019-06-24 14:12:39
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1082038	Durect Corp	DRRX	Pharmaceutical Preparations (2834)	943297098

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1325447	First Eagle Investment Management, Llc	1345 Avenue Of The Americas 48Th Floor New York NY 10105	No	No	Yes	No
1457518	First Eagle Value In Biotechnology Master Fund, Ltd.	Citco Trustees Limited (Cayman) Limited 89 Nexus Way, Camana Bay, Po Box 31106 Grand Cayman E9 KY1-1205	No	No	Yes	No
1459688	21 April Fund, L.p.	First Eagle Investment Management, Llc 1345 Avenue Of The Americas, 48Th Floor New York NY 10105	No	No	Yes	No
1459708	21 April Fund, Ltd.	Citco Trustees (Cayman) Limited 89 Nexus Way, Camana Bay, Po Box 31106 Grand Cayman E9 KY1-1205	No	No	Yes	No
1637141	First Eagle Holdings, Inc.	1345 Avenue Of The Americas New York NY 10105	No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2019-06-20	4,000,000	$0.52	26,476,546	No	4	P	Indirect	See Footnote

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	See Footnote

Footnotes

This Form 4 is filed by 21 April Fund, LP ("April LP"), 21 April Ltd. ("April Ltd."), First Eagle Investment Management, LLC ("FEIM"), First Eagle Value in Biotechnology Master Fund, Ltd. ("FEVIBM") and First Eagle Holdings, Inc. ("FEHI" and, collectively with April LP, April Ltd., FEIM and FEVIBM, the "Entities"). The Entities disclaim status as a "group" for purposes of this Form 4.
Pursuant to a prospectus supplement, dated June 20, 2019, DURECT Corporation (the "Company") offered 29,000,000 shares of its common stock, par value $0.0001 per share (the "Common Stock") to certain investors of the Company. Pursuant to the terms that certain Securities Purchase Agreement, dated June 20, 2019, by and among the Company, April LP, April Ltd. and certain other persons, April LP and April Ltd purchased an aggregate of 4,000,000 shares of the Common Stock of the 29,000,000 made available in the offering at a price of $0.52 per share. The 4,000,000 shares of Common Stock represent 1,300,000 shares of Common Stock directly held by April LP and 2,700,000 shares of Common Stock directly held by April Ltd.
Represents 4,726,893, 16,067,709, 5,586,944 and 95,000 shares of Common Stock held directly by 21 April LP, 21 April Ltd., FEVIBM and certain separately managed accounts, including accounts for which FEIM serves as registered investment adviser (the "Separately Managed Accounts"), respectively.
The shares of Common Stock reported herein are indirectly beneficially owned by FEHI and FEIM, a Delaware limited liability company and an investment adviser registered under the Investment Advisers Act of 1940. FEIM is (i) a general partner of April LP, (ii) the registered investment adviser to FEVIBM as well as to April LP and April Ltd. (collectively, the "Funds"), (iii) a subsidiary of FEHI and (iv) the investment adviser to certain of the Separately Managed Accounts. FEHI disclaims beneficial ownership of the shares of Common Stock held directly by the Funds except to the extent, if any, of its pecuniary interest therein, and this report shall not be deemed an admission that FEHI is the beneficial owner of any such securities.