Fenwick represented Royalty Pharma (Nasdaq: RPRX), a buyer of biopharmaceutical royalties and funder of innovation across the biopharmaceutical industry, in IP diligence regarding funding agreements with Merck to co-fund the development of MK-8189, an investigational oral PDE10A inhibitor currently being evaluated in a Phase 2b study for the treatment of schizophrenia.
Under the agreement Royalty Pharma will provide $50 million upfront to Merck to support ongoing development of MK-8189. Following Merck’s decision to proceed with Phase 3, Royalty Pharma has the option to provide an additional $375 million to co-fund the pivotal clinical development program. Royalty Pharma will be eligible for milestone payments associated with certain regulatory approvals for MK-8189 as well as royalties on annual worldwide sales of any approved product. 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 patent agent Dr. Hugo Garrido.