Press release
Royalty Pharma and Ferring Pharmaceuticals Enter Into US $500 Million Royalty Agreement for New Intravesical Gene Therapy Adstiladrin® (Nadofaragene Firadenovec-Vncg)
Royalty Pharma to pay Ferring $300 million upfront and a potential $200 million milestone payment in exchange for royalties on the sales of Ferring’s
About this update from Royalty Pharma Plc
[{"type":"text","content":"Royalty Pharma to pay Ferring $300 million upfront and a potential $200 million milestone payment in exchange for royalties on the sales of Ferring’s intravesical gene therapy Adstiladrin® (nadofaragene firadenovec-vncg)Transaction provides Ferring with significant non-dilutive capital to support the manufacturing capacity expansion, commercialization and further clinical development of Adstiladrin for bladder cancer patients in the United States NEW YORK and SAINT PREX, Switzerland, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) and Ferring Pharmaceuticals today announced that Royalty Pharma has acquired a synthetic royalty on US net sales of Ferring’s Adstiladrin® (nadofaragene firadenovec-vncg) for up to US $500 million comprised of an upfront payment of US $300 million and a US $200 million milestone payment. The milestone payment is contingent on certain manufacturing goals that are expected to be achieved in 2025 for the FDA-approved intravesical gene therapy that Ferring will make available next month through an early experience program for the treatment of adult patients with high-risk, Bacillus Calmette-Guérin (BCG)-unresponsive non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS) with or without papillary tumors. Under the terms of the agreement, Royalty Pharma is acquiring a 5.1% percentage royalty on net sales of Adstiladrin in the United States, which will increase to 8.0% upon payment of the manufacturing-related milestone. The royalty is expected to end in the early to mid-2030s. “This major investment by Royalty Pharma, the largest buyer of biopharmaceutical royalties and a leading funder of innovation, is yet another demonstration of the value and confidence in our gene therapy Adstiladrin to address significant unmet medical needs for patients. It also highlights its significant potential as a key growth driver for Ferring, and our commitment to Uro-Oncology,” said Jean-Frédéric Paulsen, Executive Chairman of Ferring Pharmaceuticals. Bladder cancer is the sixth most common cancer in the United States, with NMIBC representing approximately 75% of all new bladder cancer cases.i Adstiladrin is a non-replicating adenovirus vector-based gene therapy for the treatment of adult patients with high-risk BCG-unresponsive NMIBC. Although BCG remains the first-line standard of care f...