Life Sciences Structured & Royalty-Based Financings

Selected representations by the Goodwin team include:

• Abingworth, the life sciences franchise of global investment firm Carlyle, in its:
  • Strategic financing collaboration with Gilead Sciences of up to $210 million, to support select clinical studies of Trodelvy in non-small cell lung cancer
  • Strategic development funding agreement with Teva for up to $150 million to offset Teva’s ICS/SABA (TEV-‘248) program costs
  • Non-dilutive financing of Opthea of up to $170 million to support the late-stage development and pre-commercialization of OPT-302
  • Non-dilutive financing of Pathalys to support the late-stage development of upacicalcet, amounting to $150 million in combination with Pathalys’ concurrent Series A financing
  • $100 million non-dilutive financing of CymaBay Therapeutics to support the clinical development of seladelpar
• Agenus in its $115 million non-dilutive royalty transaction pursuant to a note purchase agreement with an investor group led by Oberland Capital Management, with the loan to be repaid from worldwide royalties on sales of GlaxoSmithKline’s (GSK) shingles (HZ/su) and malaria (RTS,S) prophylactic vaccine products that contain the QS-21 adjuvant
• Alnylam in its $1 billion sale to Blackstone Life Sciences of a portion of the royalties and milestones owed to Alnylam on global sales of inclisiran and concurrent $150 million product financing by Blackstone Life Sciences to support the development of Alnylam’s cardiometabolic disease programs vutrisiran and ALN-AGT
• Blackstone Life Sciences in its: 
  • $150 million non-dilutive revenue interest financing with Autolus Therapeutics to support the advancement of Autolus’ CD19 CAR T cell therapy, obecabtagene autoleucel (obe-cel), and next-generation product therapies of obe-cel in B-cell malignancies as well as its concurrent $100 million equity investment
  • €300 million non-dilutive revenue interest financing with Sanofi to support the development of a subcutaneous formulation of Sarclisa
  • $400 million non-dilutive investment in Ferring Pharmaceuticals to accelerate the future development and commercialization of nadofaragene firadenovec, an investigational gene therapy
• Blueprint Medicines in its sale of ex-US royalties on Gavreto (pralsetinib) to Royalty Pharma for $175 million up front and up to $165 million in milestone payments and its concurrent strategic financing collaboration with Sixth Street Partners for up to $910 million
• FibroGen in its $50 million financing with NovaQuest, with NovaQuest’s return paid out of 22.5% of FibroGen’s future royalties on sales of EVRENZO® (roxadustat) by Astellas in Japan, Europe, and certain other territories
• ImmuNext in its $525 million sale of royalties and milestones on frexalimab to Royalty Pharma
• Moderna in its up to $750 million collaboration with Blackstone Life Sciences to fund Moderna’s influenza program
• Royalty Pharma in numerous transactions, including its: 
  • $3.3 billion acquisition of the Cystic Fibrosis Foundation’s (CFF) royalties on Vertex Pharmaceuticals’ cystic fibrosis treatments and acquisition of CFF’s residual royalty interest for up to $650 million
  • $2.025 billion strategic financing partnership with MorphoSys
  • $827 million acquisition of Ligand Pharmaceuticals’ royalties on sales of Promacta
  • Acquisition of a synthetic royalty on US net sales of Ferring Pharmaceuticals’ Adstiladrin® (nadofaragene firadenovec-vncg) for up to $500 million
  • Acquisition of a portion of the royalty stream on Evrysdi (risdiplam) from PTC Therapeutics for $650 million and subsequent acquisition of additional royalties on Evrysdi from PTC for $1 billion up front
  • Acquisition of royalties on SPINRAZA® (nusinersen) and pelacarsen for up to $1.125 billion from Ionis Pharmaceuticals
  • $700 million acquisition of synthetic royalty interest in Humira from AstraZeneca 
  • Acquisition of a royalty interest in TRELEGY ELLIPTA from Theravance Biopharma for up to $1.61 billion 
  • $525 million joint acquisition with Gilead Sciences of the royalty interest owed to Emory University for Emtriva
  • Acquisition of Perrigo’s royalty rights on worldwide sales of Tysabri (natalizumab) for $2.2 billion, plus milestone payments of $250 million in 2018 and $400 million in 2020 to be paid if Tysabri sales exceeded certain levels
• R-Bridge Healthcare Fund in its: 
  • $40 million loan to Trevena, backed by royalties on sales of oliceridine by Jiangsu Nhwa in greater China and a revenue interest in US sales of Olinvyk
  • $60 million loan to Paratek Pharmaceuticals, backed by royalties on sales of omadacycline by Zai Lab (Shanghai) Co. Ltd. in greater China and a revenue interest in US sales of Nuzyra
  • $38 million investment in royalties payable to Santhera Pharmaceuticals on sales of AGAMREE in North America and greater China
  • $30 million investment in royalties payable to Idorsia Pharmaceuticals on sales of AGAMREE
• RTW Investments and Ji Xing Pharmaceuticals in their strategic financing and licensing collaboration with Cytokinetics, including a $90 million synthetic royalty purchase, $200 million licensing transaction, and $50 million equity investment