Royalty Pharma plc (Nasdaq: RPRX), BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) and OMERS Capital Markets (OMERS) today announced transactions totaling $350 million in new funding for BioCryst, with all funds immediately available at closing.
The funds from these transactions will enable further advancement of BCX9930, BioCryst’s oral Factor D inhibitor, toward filing for registration, expand the development of BCX9930 across multiple indications and support additional investment in the global launch of ORLADEYO® (berotralstat), which is on a trajectory to become the market-leading prophylactic hereditary angioedema (HAE) therapy.
For a $150 million upfront cash payment, Royalty Pharma […] has purchased royalties on combined annual net sales of BCX9930 and another earlier stage Factor D inhibitor of 3.0% on sales up to $1.5 billion, 2.0% on sales between $1.5 billion and $3.0 billion, and no royalty on sales over $3.0 billion. […]
For a $150 million upfront cash payment, OMERS, one of Canada’s largest defined benefit pension plans, has purchased a capped, tiered, declining royalty on direct annual net sales of ORLADEYO. Under the agreement, BioCryst does not owe any royalties for the first two years. […]
Royalty Pharma also has extended its relationship with BioCryst through a $50 million equity investment at a price of $13.00 per share, the volume-weighted average price of BioCryst common stock over the past 20 days.
The new financing enables BioCryst to further advance and expand its Factor D program over the next two years by achieving the following:
- Complete and report data from the ongoing REDEEM-1 and REDEEM-2 pivotal trials in PNH
- Complete the renal proof-of concept (PoC) basket trial in three nephritis indications and advance to pivotal trials in each
- Commence PoC trials in other complement-mediated diseases
- Prepare to submit regulatory approval filings in PNH
Cowen acted as financial advisor to BioCryst on the transaction. Gibson Dunn acted as legal advisor to BioCryst. Goodwin Procter, Wolf Greenfield and Maiwald acted as legal advisors to Royalty Pharma. Sidley Austin LLP acted as legal advisor to OMERS.
This text is a press release from Royalty Pharma. The full text version of the article can be found here: Royalty Pharma Acquires Additional Royalty Interests in BCX9930 and Orladeyo from Biocryst Pharmaceuticals – Royalty Pharma