Fenwick is representing Royalty Pharma (Nasdaq: RPRX), a buyer of biopharmaceutical royalties and funder of innovation across the biopharmaceutical industry, on IP diligence matters relating to its agreement to purchase up to $1.5 billion in royalties for Roche’s Evrysdi, an orally administered survival motor neuron (SMN2) medication for the treatment of spinal muscular atrophy, from PTC Theraeutics. This transaction builds on Royalty Pharma's longstanding relationship with PTC Therapeutics and further enhances Royalty Pharma's long-term growth plans and portfolio diversification.
Under the terms of the agreement, Royalty Pharma is increasing its ownership of the Evrysdi royalty from 43% to 81%, paying PTC Therapeutics $1 billion upfront, equating to a 13% royalty on Evrysdi. Until December 31, 2025, PTC maintains the option to sell its remaining Evrysdi royalty to Royalty Pharma for $500 million and Royalty Pharma retains the option to purchase half of PTC's remaining royalty for up to $250 million until March 31, 2026. More information can be found in Royalty Pharma's announcement.
The Fenwick team included intellectual property partner Dr. Carl Morales and associate Dr. Stefan Ochiana.