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 a synthetic royalty on U.S. net sales of Ferring’s Adstiladrin® (nadofaragene firadenovec-vncg) for up to $500 million comprised of an upfront payment of $300 million and a $200 million manufacturing-related milestone payment.
Adstiladrin is a non-replicating adenovirus vector-based gene therapy for the treatment of adult patients with high-risk BCG-unresponsive non-muscle invasive bladder cancer (NMIBC). Under the terms of the agreement, Royalty Pharma is acquiring a 5.1% percentage royalty on net sales of Adstiladrin in the United States, which will increase to 8.0% upon payment of the manufacturing-related milestone. The royalty is expected to end in the early to mid-2030s. 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.