Ultragenyx Pharmaceutical Inc, a biopharmaceutical company focused on the development of novel products for rare and ultra-rare diseases, and Royalty Pharma today announced that Ultragenyx has sold to Royalty Pharma for $320 million a royalty right due to Ultragenyx from Kyowa Kirin Co., Ltd for the net sales of Crysvita® (burosumab) in the European Union (EU), the United Kingdom (UK), and Switzerland. Crysvita has received conditional marketing authorization in Europe for the treatment of X-linked hypophosphatemia (XLH) with radiographic evidence of bone disease in children 1 year of age and older and adolescents with growing skeletons, and an application for the expanded use in adults with XLH is currently under review by the European Medicines Agency.
The agreement will automatically expire in the event aggregate royalty payments received by Royalty Pharma are equal to or greater than 1.9 times the purchase price prior to December 31, 2030, or in the event aggregate royalty payments are equal to or greater than 2.5 times the purchase price if the prior threshold is not met by the end of 2030. Once the threshold amount has been met, the EU, UK, and Switzerland royalty payments will revert back to Ultragenyx.
Perella Weinberg Partners LP and J. Wood Capital Advisors LLC acted as financial advisors and Gibson, Dunn & Crutcher LLP acted as legal advisor to Ultragenyx on the transaction. Goodwin Procter LLP and Maiwald Patentanwalts GmbH acted as legal advisors to Royalty Pharma.
This text is based on a press release from Royalty Pharma as well as from Ultragenyx. The full text versions can be found here: https://www.royaltypharma.com/ultragenyx-announces-sale-of-future-european-royalties-on-crysvita-burosumab-for-320-million-to-royalty-pharma/
and here: http://ir.ultragenyx.com/news-releases/news-release-details/ultragenyx-announces-sale-future-european-royalties-crysvitar