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Royalty Monetization

  • Represented a consortium of undisclosed royalty investors in connection with the auction sale by UCLA, certain researchers, and the Howard Hughs Medical Institute, of their interests in royalties generated by sales of Xtandi. The transaction was structured as a true sale of the royalty interest and included a cash payment by the successful bidder of $1.14BN and potential additional payments based on future Xtandi sales.
  • Represented ARIAD Pharmaceuticals in connection with a synthetic royalty financing in which PDL BioPharma agreed to provide ARIAD with up to $200MM in revenue interest financing in exchange for royalties on worldwide net revenues of Iclusig (ponatinib). Funding of the first $100MM will be made in two tranches of $50MM each, with the initial amount having already been funded on the closing date and an additional %50MM to be funded on the 12-month anniversary of the closing date.
  • Represented Intarcia Therapeutics in two synthetic royalty financings valued at approximately $300 million, with an equity conversion option, in a first-of-its-kind transaction. Investors in the PhaRMA Notes are entitled to receive quarterly payments equal to 2.0% of future global net sales of ITCA 650 until the notes mature. Investors also have an option after FDA approval of ITCA 650 to convert their synthetic royalty interest into Intarcia common stock at a conversion price corresponding to an equity valuation of $5.5BN, which option is exercisable until the later of 2 years after FDA approval or December 2019.
  • Represented ImmunoGen in a $200 million non-dilutive royalty transaction with funds managed by TPG Special Situation Partners (“TSSP”). Using a “cap and tail” structure, in return for the payment to ImmunoGen, TSSP will have the right to receive 100% of the royalty revenue on Kadcyla commercial sales that would otherwise be paid by Roche to ImmunoGen until TSSP has received a total of either $235 million or $260 million, depending on timing. After this threshold (the “Cap”) is met, if ever, ImmunoGen will receive 85% of the Kadcyla royalty revenue, and TSSP will receive 15% of the Kadcyla royalty revenue until this revenue stream ends (the “Tail”).
  • Represented purchasers and a bidder in a series of three royalty sales transactions with New York University for its interests in Remicade. The transactions were structured as true sales of the royalty interests, and together were valued at greater than $1 billion. Additional payments became payable in the event yearly sales of Remicade exceeded agreed sales hurdles.
  • Represented TPG Sixth Street Partners in a $300 million synthetic royalty debt financing by Therapeutics MD, am innovative pharmaceutical company committed to advancing the health of women and championing awareness of their healthcare issues. The financing is related to sales of IMVEXXY, BIJUVA and ANNOVERA.
  • Represented TPG Sixth Street Partners in a $175 million Clinical Trial Financing for Clovis Oncocolgy. The proceeds will be used to fund the ATHENA first-line maintenance clinical trial for Rubraca’s use in treating ovarian cancer
  • Represented TPG Sixth Street Partners in a $150 million debt financing for Caris Life Sciences, a molecular profiling company focused on precision medicine, in the form of senior secured debt and convertible notes.
  • Represented one of the key inventors in the sale by Boston Children’s Hospital of both the Hospital’s and the inventor’s share of their respective royalty interests in Vonvendi to an affiliate of Barings Alternative Investments for over $60 million.  
  • Represented Albireo Pharma, Inc. and its Swedish subsidiary Elobix AB in the sale to HealthCare Royalty Partners for $45 million (up to $60 million if a certain sales milestone is met) of Elobix’s right to receive royalties and certain milestones for sales of elobixibat in Japan, up to a certain threshold. 
  • Represented CLS Pharmaceuticals in the sale of its rights to future royalties with respect to SHP-640, a combination broad spectrum antiseptic and corticosteroid Phase III asset being developed by Shire for the treatment of infectious conjunctivitis to a prominent venture fund for an undisclosed amount. 
  • Represented TPG Sixth Street Partners in a $150 million synthetic royalty debt financing by Ironwood Pharmaceuticals relating to sales of Linzess (linaclotide).
  • Represented TPG Special Situations Partners in a $250 million debt financing by Nektar Therapeutics backed by various royalty streams held by Nektar. 
Case Study
Mintz represented ARIAD Pharmaceuticals in a synthetic royalty financing in which PDL BioPharma agreed to provide up to $200 million in revenue interest financing to ARIAD in exchange for royalties on worldwide net revenues of Iclusig (ponatinib).
Case Study
Mintz represented ImmunoGen, a maker of targeted anticancer therapeutics, in a transaction that netted $194 million. The deal provided ImmunoGen with cash and liquid assets in exchange for assigning certain royalty revenues for the breast cancer treatment Kadcyla to TPG Special Situations Partners.
Case Study
Mintz represented ImmunoGen in a $200 million non-dilutive royalty transaction of its interest in Kadcyla with funds managed by TPG Special Situation Partners.
Case Study
In the first transaction of its kind, Mintz represented Intarcia Therapeutics in two synthetic royalty financings with an equity conversion option valued at $5.5B for ITCA 650.
Case Study
Mintz represented Massachusetts General Hospital and Partners HealthCare in a deal that enables them to monetize part of their royalty interests in Entyvio, an antibody used to treat digestive diseases, to invest in research. Royalty Pharma paid $94 million in the true sale roll-up transaction.