The Life Sciences team advised FibroGen, Inc. on its capped royalty monetization financing with NovaQuest Capital Management. The non-dilutive financing provides FibroGen with $50 million cash upfront in exchange for 22.5% of its future royalties on sales of EVRENZO® (roxadustat) by Astellas in Japan, Europe, and certain other territories. The aggregate payments to be received by NovaQuest under this agreement are capped at certain fixed multiples of the upfront payment based upon time. Upon NovaQuest reaching a specified return threshold (2x by year-end 2028, 2.25x by year-end 2029, or 2.5x by year-end 2030), all royalties revert to FibroGen.
FibroGen is a biopharmaceutical company committed to discovering, developing, and commercializing a pipeline of first-in-class therapeutics. FibroGen applies its pioneering expertise in connective tissue growth factor (CTGF) biology and hypoxia-inducible factor (HIF) to advance innovative medicines for the treatment of unmet needs.
The Goodwin team was led by Yasin Akbari, Yasee Zahedi, Kim Maruncic, Amine Assouad and Kingsley Taft and included Mohammed Alvi, Kris Ring, Zhe Yang, Fiona Gaul, George Davis and Dan Karelitz.
For additional details on the transaction, please read the press release.
Yasin E. AkbariPartner
Kingsley L. TaftPartnerCo-Chair, Life Sciences Practice
Mohammed A. AlviPartner