Royalty Finance

Royalty and Revenue Interest Financing Transactions

• Represented Sixth Street Partners in a non-dilutive senior secured credit facility of up to $500 Million for Arrowhead Pharmaceuticals. The credit facility does not provide for scheduled amortization payments during the term, and all principal will be due on the Maturity Date. The company is required to partially repay loans under the credit facility with a portion of the proceeds from certain transactions, such as the future collection of upfront payments, milestones, and royalties from partnerships and collaborations, and commercial revenue by Arrowhead.
• Represented Sixth Street Partners in a non-dilutive senior secured credit facility of up to $475 Million for Apellis Pharmaceuticals, which received $375 million in funding at close, with ability to access an additional $100 million under the facility at the Company’s option prior to September 2025, subject to the satisfaction of certain conditions.
• Represented Daré Bioscience, Inc. in a $22 million non-dilutive strategic royalty and revenue interest financing with XOMA (US) LLC involving: (i) a traditional royalty purchase of certain net royalties and net milestones payable with respect to net sales of XACIATO (clindamycin phosphate) (net of (i) payments owed to an upstream licensor and (ii) payments owed to an existing royalty investor), and (ii) a synthetic royalty purchase involving royalties payable on net sale of Ovaprene and Sildenfil Cream.
• Represented two leading private equity investors in the bankruptcy of one of their portfolio companies, and the acquisition of certain pharmaceutical royalty and product assets out of bankruptcy.
• Represented Daré Bioscience, Inc. in a royalty financing agreement backed by certain royalties and milestones payable to Daré in respect of XACIATO under its global license and collaboration agreement with Organon.
• Represented a private equity-backed biopharmaceutical company in the monetization of its entitlement to receive certain contingent earn out payments in connection with the sale of four commercial pharmaceutical products to a publicly traded biopharmaceutical company.
• Represented Sagard Healthcare Partners and Oaktree Capital Management in connection with the bankrupt restructuring of Athenex, Inc. and the acquisition of certain Klisyri® (tirbanibulin) product assets.
• Represented TheracosBio in a royalty financing agreement with HealthCare Royalty with respect to certain future royalties and milestone payments from the commercialization of a veterinary product developed by TheracosBio and commercialized by Elanco Animal Health.
• Represented Sagard Healthcare Partners in its $400 million acquisition of a portion of uniQure N.V.’s royalty interest in HEMGENIX (etranacogene dezaparvovec-drbl).
• Represented Sixth Street Partners in connection with the bankrupt restructuring of Clovis Oncology Inc., including as a potential bidder in a 363 acquisition via credit bid.
• Represented Sagard Healthcare Partners in a $32.5 million revenue interest financing agreement with Marinus Pharmaceuticals related to ZTALMY® (ganaxolone), a novel therapy for the treatment of seizure disorders.
• Represented Sagard Healthcare Partners in a $131.8 million sale of rights to a 5% portion of royalty interests in TIBSOVO® from Agios Pharmaceuticals, Inc. 
• Represented Sagard Healthcare Partners and Oaktree Capital Management in acquiring royalty and milestone interests in Klisyri® (tirbanibulin) from Athenex, Inc. for $85 million.  
• Represented an inventor of Xenpozyme (olipudase alpha-rpcp) in the sale of his Xenpozyme royalty entitlement under a collaboration agreement with Sanofi Genzyme. 
• Represented Cystic Fibrosis Foundation in the sale of its residual royalty interest in Vertex Pharmaceutical’s cystic fibrosis (CF) treatments to Royalty Pharma plc. The proceeds of the sale ($575 million upfront with potential milestone payments of $75 million) will further support the CF Foundation’s work to fund research and drug development and advance high-quality specialized CF care.
• Represented Sixth Street Partners in a $500 million synthetic loan financing to Biohaven Pharmaceuticals. The proceeds of the loan facility will be used for the development, promotion and commercial launch of Nurtec ODT (rimegepant), a drug used for the treatment of acute migraine.
• Represented Massachusetts General Hospital and Partners HealthCare in the sale of a portion of their royalty interest in Entyvio (vedolizumab) to Royalty Pharma for $94MM.  Entyvio is a monoclonal antibody that is used in the treatment of ulcerative colitis and Crohn’s disease.  Entyvio is based on a cell line that was developed in the laboratory of Dr. Robert Colvin at MGH.  Entyvio generated approximately $2.5 billion in worldwide sales in FY 2019.
• Represented TPG Sixth Street Partners in a $300 million synthetic royalty debt financing by Therapeutics MD, an innovative pharmaceutical company committed to advancing the health of women and championing awareness of their healthcare issues. The financing is related to sales of IMVEXXY, BIJUVA and ANNOVERA.
• Represented TPG Sixth Street Partners in a $175 million Clinical Trial Financing for Clovis Oncology. The proceeds were used to fund the ATHENA first-line maintenance clinical trial for Rubraca’s use in treating ovarian cancer
• Represented ImmunoGen, Inc. in a royalty financing transaction raising $65 million involving the sale of ImmunoGen’s residual worldwide royalties based on sales of KADCYLA® to an investment fund managed by the Ontario Municipal Employees Retirement System (OMERS). 
• Represented TPG Sixth Street Partners in a $225 million investment in senior secured debt, convertible notes and warrants for Caris Life Sciences, a molecular profiling company focused on precision medicine.
• Represented one of the key inventors in the sale by Boston Children’s Hospital of both the Hospital’s and the inventor’s share of their respective royalty interests in Vonvendi to an affiliate of Barings Alternative Investments for over $60 million.  
• Represented Albireo Pharma, Inc. and its Swedish subsidiary Elobix AB in the sale to HealthCare Royalty Partners for $45 million (up to $60 million if a certain sales milestone is met) of Elobix’s right to receive royalties and certain milestones for sales of elobixibat in Japan, up to a certain threshold. 
• Represented CLS Pharmaceuticals in the sale of its rights to future royalties with respect to SHP-640, a combination broad spectrum antiseptic and corticosteroid Phase III asset being developed by Shire for the treatment of infectious conjunctivitis to a prominent venture fund for an undisclosed amount. 
• Represented TPG Sixth Street Partners in a $150 million synthetic royalty debt financing by Ironwood Pharmaceuticals relating to sales of Linzess (linaclotide).
• Represented TPG Special Situations Partners in a $250 million senior secured debt financing by Nektar Therapeutics backed by various royalty streams held by Nektar. 
• Represented ARIAD, Inc. in a synthetic royalty financing transaction raising $200 million in non-dilutive financing backed by a portion of ARIAD’s revenue interest on sales of Iclusig® to an investment fund managed by PDL BioPharma, Inc. 
• Represented ImmunoGen, Inc. in a royalty financing transaction raising $200 million in non-dilutive financing involving the sale of a portion of ImmunoGen’s royalties based on sales of KADCYLA® to TPG Special Situation Partners. 
• Represented Intarcia Therapeutics in a novel $225 million synthetic royalty financing with equity conversion option at a $5.5 billion valuation based on future global net sales of its diabetes pump product candidate ITCA 650.  
• Represented Vertex Pharmaceuticals in its $155 million debt financing secured by future milestones associated with the filing, approval, and launch of its hepatitis C (HCV) protease inhibitor drug candidate telaprevir in Europe to an affiliate of Olmsted Park.  
• Represented Vertex Pharmaceuticals in the sale of its rights to an aggregate of $95 million in potential future milestones tied only to the launch of telaprevir in the European Union to an affiliate of Olmsted Park.
• Represented Drug Royalty Corporation in the purchase of 25% of Enzon Pharmaceuticals, Inc.’s worldwide royalty interest in PEG-INTRON (peginterferon alpha-2b) for $92 million (plus an additional $15 million if certain royalty recognition levels be met).
• Represented Drug Royalty Corporation in the acquisition of a portion of ISIS Pharmaceuticals, Inc.’s rights to receive royalties generated by Macugen (pegaptanib sodium injection) for $24 million. 
• Represented Drug Royalty Corporation in multiple transactions involving the acquisition of royalties generated by blockbuster drug Remicade.

License and Collaboration Agreements

• Represented BioNTech SE in its $1.6 billion global strategic partnership with Duality Biologics (Suzhou) Co. Ltd. to accelerate development of differentiated antibody-drug conjugate therapeutics for solid tumors.
• Represented Grünenthal GmbH in the acquisition of exclusive commercial rights for the dermal pain patch Qutenza (8% capsaicin) in the US, Latin America, Asia and Australia from Acorda Therapeutics, Inc. 
• Represented ARIAD Pharmaceuticals, Inc. in a license and collaboration agreement with Incyte Corporation whereby ARIAD granted to Incyte an exclusive license to develop and commercialize ARIAD’s kinase inhibitor Iclusig (ponatinib) in Europe.
• Represented LAM Therapeutics, Inc. in an exclusive license and collaboration agreement with an undisclosed party for the worldwide development of certain Hsp90 inhibitors.
• Represented Grünenthal GmbH in the acquisition of exclusive commercial rights for the dermal pain patch Qutenza (8% capsaicin) in Europe, the Middle East, and Africa from Astellas Pharma Europe Ltd.
• Represented LAM Therapeutics, Inc. in an exclusive license and collaboration agreement with Synta Pharmaceuticals Corp. for the worldwide development and commercialization of certain IL-12 and IL-23 inhibitors.
• Represented LAM Therapeutics, Inc. in a Master Clinical Supply and Development Agreement with F. Hoffmann-La Roche Ltd. for the joint development of a LAM proprietary compound.
• Represented Altus Pharmaceuticals Inc. in a development, commercialization and marketing agreement with Dr. Falk Pharma GmbH for the development of ALTU-135 (TheraCLEC) in Europe, the Soviet Union, Israel and Egypt.
• Represented Altus Pharmaceuticals Inc. in an exclusive license and collaboration agreement with Cyctic Fibrosis Foundation Therapeutics, Inc. for the development of ALTU-135 (TheraCLEC) and certain other derivatives in North America.
• Represented OSI Pharmaceuticals, Inc. in a global Co-Development and Commercialization Agreement with Genentech Inc. and Roche for the development and commercialization of OSI’s lead cancer drug OSI-774 (Tarceva).  Under the agreement, Genentech and OSI employ an equal cost and profit sharing arrangement for commercialization in the United States, while Roche pays royalties on net sales to OSI in markets outside of the United States. The overall costs of the tripartite development program are split equally among the three parties.