Fenwick Advises Royalty Pharma in its $525 Million Royalty Acquisition Agreement with ImmuNext

Fenwick represented Royalty Pharma (Nasdaq: RPRX), a buyer of biopharmaceutical royalties and funder of innovation across the biopharmaceutical industry, on IP diligence matters relating to its acquisition of royalties and milestones on frexalimab, owned by ImmuNext, Inc., for approximately $525 million. Frexalimab, which is being developed by Sanofi, is a first-in-class, second generation anti-CD40 ligand monoclonal antibody currently in three Phase 3 clinical studies for the treatment of multiple sclerosis (MS) and in Phase 2 studies for systemic lupus erythematosus and Type 1 Diabetes. This transaction further strengthens Royalty Pharma’s development-stage portfolio, bringing it to 15 therapies, 11 of which will be in Phase 3 development or undergoing regulatory review.

Under the terms of the agreement, Royalty Pharma will receive 100% of net royalties on annual worldwide net sales of frexalimab up to $2 billion and share a minority of royalties above this threshold with ImmuNext shareholders. The acquisition also includes substantial potential milestone payments from Sanofi. Royalty Pharma estimates that, if approved, frexalimab will generate royalties through May 2041. More information about the transaction is available in the press release.

The Fenwick team included patent partners Drs. Carl Morales and Hayan Yoon, associate Dr. Glenn Foulds, and patent agent Dr. Filip Vanevski.