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DRI Healthcare Trust Announces Sale of its TZIELD(TM) Royalty Interest to Sanofi for US$210 Million and Announces a US$20 Million Special Cash Distribution to Unitholders
DRI Healthcare Trust Announces Sale of its TZIELD™ Royalty Interest to Sanofi for US$210 M...
About this update from Dri Healthcare Trust
[{"type":"text","content":"\n \n \n \n DRI Healthcare Trust Announces Sale of its TZIELD™ Royalty Interest to Sanofi for US$210 Million and Announces a US$20 Million Special Cash Distribution to Unitholders\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n – Transaction will allow DHT to redeploy capital into new deals generating compounding returns for unitholders –\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n April 27, 2023\n \n \n /CNW/ - DRI Healthcare Trust (TSX: DHT.UN) (TSX: DHT.U) (\"the Trust\") announces that its wholly-owned subsidiary has sold its royalty interest and milestone payment obligations in the worldwide sales of TZIELD™ to a subsidiary of Sanofi S.A. (\"Sanofi\") for\n \n US$210 million\n \n .\n \n \n \n \n \n \n \n \n \n \"DRI Healthcare is excited about the dramatic positive impact that TZIELD™ will have on patients who are at risk of developing Type 1 Diabetes,\" said\n \n Behzad Khosrowshahi\n \n , Chief Executive Officer of DRI Healthcare Trust. \"This is only the second time in 21 years that we have sold a royalty to a third party. Having only recently announced the TZIELD™ royalty acquisition, DRI Healthcare was not looking to sell the royalty.\"\n \n \n \"The Trust originally purchased the TZIELD™ royalty on\n \n March 8, 2023\n \n for\n \n US$100 million\n \n upfront and a commitment to make certain milestone payments. We have sold the royalty for\n \n US$210 million\n \n upfront and assigned our obligations to make any milestone payments to Sanofi. The proceeds generated by this transaction provide significant value for unitholders and allow us to compound that value by allocating capital to transactions in our pipeline of royalty opportunities.\"\n \n \n DRI Healthcare intends to use\n \n US$20 million\n \n of the proceeds from this transaction to pay an additional special cash distribution to unitholders of record as of\n \n June 30, 2023\n \n . A further portion of the proceeds will be used to pay down the entire debt outstanding under DRI H...