Royalty Pharma Acquires Royalty Interest in Cabometyx and Cometriq from GSK
April 01 2021 - 7:39AM
Dow Jones News
By Michael Dabaie
Royalty Pharma PLC said Thursday it acquired a royalty interest
in the cabozantinib products Cabometyx and Cometriq from
GlaxoSmithKline for an upfront payment of $342 million and up to
$50 million in additional payments.
The company said the additional payments are contingent on
regulatory approvals of cabozantinib for prostate cancer and lung
cancer in the U.S. and Europe.
Cabometyx is approved for the treatment of patients with
advanced renal cell carcinoma both as monotherapy and in
combination with Bristol Myers Squibb Co.'s Opdivo as a first line
treatment. Cabometyx is also approved for hepatocellular carcinoma
in patients previously treated with sorafenib. Cometriq is approved
for progressive, metastatic medullary thyroid cancer.
Cabometyx and Cometriq are marketed by Exelixis in the U.S., and
by their partner Ipsen in regions outside the U.S. and Japan.
Cabometyx is marketed in Japan by Exelixis' partner Takeda
Pharmaceutical Co.
GSK is entitled to a 3% royalty on worldwide net sales of
cabozantinib products as a result of its 2002 collaboration with
Exelixis.
Under this transaction's terms, Royalty Pharma said it has
purchased royalties on cabozantinib products' net sales in non-U.S.
markets through the full term of the royalty and royalties on net
sales in the U.S. through September 2026, after which U.S.
royalties will remain with GSK.
In 2020, sales of Cabometyx and Cometriq reported by Exelixis
and Ipsen were $742 million and EUR289 million ($339 million),
respectively, Royalty said.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
April 01, 2021 08:24 ET (12:24 GMT)
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