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 collaboration with Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA). This collaboration will support Teva’s olanzapine LAI (TEV-‘749), a once-monthly subcutaneous long-acting injection of the atypical antipsychotic olanzapine for the treatment of schizophrenia that has the potential to be the first long-acting olanzapine with a favorable safety profile. Olanzapine LAI is currently in Phase 3 clinical trials, with results expected in the second half of 2024.
Under the terms of the agreement, Royalty Pharma will provide up to $100 million to Teva for ongoing R&D costs related to olnzpaine LAI (TEV-'749) and Teva and Royalty Pharma have a mutual option to increase the total funding to $125 million. Upon U.S. FDA approval, Teva will pay Royalty Pharma the total amount funded over five years plus low to mid-single digit royalties upon commercialization. Should Teva choose not to file a New Drug Application with the FDA following positive Phase 3 study result, Teva will pay Royalty Pharma 125% of the total amount funded. More information can be found in Royalty Pharma's announcement.
The Fenwick patent team included partner Dr. Carl Morales, associate Dr. Stefan Ochiana and patent agent Dr. Hugo Garrido.