OR WAIT null SECS
Agreement includes option for PTC Therapeutics to sell up to all its retained royalties.
Royalty Pharma announced in a company press release that it has reached an agreement with PTC Therapeutics to acquire additional royalties on Roche’s Evrysdi for an upfront payment of $1 billion. As per the agreement, PTC has the option to sell up to all of its retained royalties on Evrysdi for up to $500 million or for Royalty Pharma to acquire half of such retained royalties for up to $250 million at a later date.
Approved in by the FDA in 2020, Evrysdi was developed by Roche for the treatment of spinal muscular atrophy (SMA).
“We are excited to acquire an additional royalty interest in Evrysdi, a convenient, oral therapy that has transformed the lives of SMA patients worldwide” said Pablo Legorreta, founder, CEO, Royalty Pharma. “This is our second transaction with PTC, which builds on our longstanding partnership, and highlights our ability to structure creative, win-win funding solutions for our partners. Further, our unmatched scale and deep knowledge of SMA positioned us to provide PTC with substantial capital in a timely fashion, another unique aspect of our business model. This transaction is expected to further enhance Royalty Pharma’s long-term growth and diversification. We remain incredibly excited for our future given our robust transaction pipeline.”
Reference: ROYALTY PHARMA ANNOUNCES AGREEMENT TO PURCHASE UP TO $1.5 BILLION OF PTC THERAPEUTICS' ROYALTY ON EVRYSDI. Royalty Pharma. October 19, 2023. Accessed October 19, 2023. https://www.royaltypharma.com/news-releases/news-release-details/royalty-pharma-announces-agreement-purchase-15-billion-ptc