The Life Sciences team advised Karyopharm Therapeutics Inc. (Nasdaq: KPTI) on its royalty agreement with affiliates of HealthCare Royalty Partners (HCR) for up to $150 million to support the ongoing development and commercialization of XPOVIOTM (selinexor), Karyopharm’s first-in-class, oral SINE compound, which is currently marketed in the U.S. for the treatment of patients with heavily pretreated multiple myeloma.
Karyopharm is an oncology-focused pharmaceutical company dedicated to the discovery, development and commercialization of novel first-in-class drugs directed against nuclear export and related targets for the treatment of cancer and other major diseases. Karyopharm's SINE compounds function by binding with and inhibiting the nuclear export protein XPO1 (or CRM1). HCR is a private investment firm that purchases royalties and uses debt-like structures to invest in commercial or near-commercial stage life science assets. HCR has $4.7 billion in cumulative capital commitments with offices in Stamford, San Francisco, Boston and London.
Pursuant to the agreement, Karyopharm will receive a $75 million payment at closing this month and is eligible to receive an additional $75 million upon the achievement of future regulatory and commercial milestones and subject to approval by both parties. In exchange for the amount received at the initial closing, HCR will receive a tiered royalty in the mid-single digits based on worldwide net revenues of XPOVIOTM and any other future products.
The Goodwin team was led by partner Art McGivern and included partners Janet Andolina, Mark Smith, Jim Barri, Sarah Bock, Jennifer Chunias and Ettore Santucci, and associates Sarah Smith, Rosanne Yang, Nicole Spiteri and Shivani Suhag.
For more details on the agreement, read the press release.