Fenwick Represents Royalty Pharma in Acquisition of Royalty Interest in SPINRAZA and pelacarsen from Ionis in Deal Totaling Up to $1.1 Billion

Fenwick represented Royalty Pharma (Nasdaq: RPRX), a buyer of biopharmaceutical royalties and funder of innovation across the biopharmaceutical industry, in IP diligence regarding Royalty Pharma’s acquisition of an interest in Ionis' royalty in Biogen's SPINRAZA® (nusinersen) and Novartis' pelacarsen for up to $1.125 billion, including an upfront payment of $500 million and up to $625 million in additional pelacarsen milestone payments.

SPINRAZA (nusinersen), a survival motor neuron-2 (SMN2)-directed antisense oligonucleotide, is the global foundation of care for the treatment of people living with spinal muscular atrophy (SMA) and was licensed by Biogen from Ionis in 2016. Pelacarsen, an investigational antisense oligonucleotide, is a potentially first-in-class treatment specifically targeting elevated lipoprotein(a), or Lp(a), and was licensed by Novartis from Ionis in 2019.

Under the terms of the agreement, Royalty Pharma will receive:

• 25% of Ionis' SPINRAZA royalty payments through 2027, increasing to 45% of royalty payments in 2028, on up to $1.5 billion in annual sales. Royalty Pharma's royalty interest in SPINRAZA will revert to Ionis after total SPINRAZA royalty payments reach either $475 million or $550 million, depending on the timing and occurrence of certain events; and
• 25% of Ionis' pelacarsen royalty payments.

More information can be obtained from Royalty Pharma’s announcement.

The Fenwick team included intellectual property partner Dr. Carl Morales, senior associate Dr. Glenn Foulds and associate Dr. Lucas Greder.